Putnam Investments, using prominent ad agency Hill Holliday Connors Cosmopulos, took out full-page advertisements in The New York Times and The Wall Street Journal Monday calling attention to the executive replacements that occurred last week, from the chairman on down.
"Were changing Putnam Investments. For the investors. For the employees. For the better," the headline of the open letter to investors reads. The company also promises it "will lead the mutual fund industry in reform."
- "The hard work and dedication of more than 5,300 people have been called into question because of the unfortunate acts of a small number of individuals," the letter reads. "We will do whatever is necessary to make sure Putnams integrity is never again compromised."
The ad is signed by the firms new chairman, vice chairman and president and CEO.
No matter to the cynics, though. Already, the tabloids are having a field day. Todays New York Post has a story parodying what Putnams ads should really say. "Nobody times the market like we do," is one choice tagline.
More significantly, media giant Interpublic Group of Cos., Hill Hollidays parent company, has pulled its own pension funds from Putnam. Somebody might have told the copywriters about that one.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.