Putnam Investments has agreed to make an investment in Nissay Asset Management Corp. (NAMCO), a Japanese money manager, and help it develop a new product line.

Putnam will take a 10 percent stake in NAMCO, and the two companies are planning to develop a new line of investment trusts, which are similar to mutual funds. The two companies started working together in 1997 to develop products for institutional investors.

In July, the two companies developed the Nissay/Putnam Income Open Fund, their first investment trust product.

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