As expected, Putnam Investments announced today that it will consolidate its retail mutual lineup. The firm will merge 10 funds and liquidate the $89 million Putnam Preferred Income Fund.
"We are consolidating our product line to ensure that Putnam anticipates and keeps pace with the evolving needs of our investors," said Lawrence Lasser, Putnam's president and CEO, said in a statement. "Investors in the 1990s continually sought new and different fund products, but the markets and industry have shifted. It is time to simplify our product line, yet maintain a necessary range of clearly defined products so investors can build comprehensive, diversified portfolios. By consolidating our fund lineup, we will be able to concentrate more investment resources and talent on a smaller number of funds, and we expect to deliver stronger performance in those funds."