Putnam Investments is planning to cut the fees on many of its funds and tie the fees to the performance of a number of its funds, the company announced Tuesday.

Effective Aug. 1, fees on fixed income funds will be reduced between 13% and 34%, and on asset-allocation funds by an average of 10%. The wrap management fees will be eliminated on the firm’s target-date funds, called the Putnam RetirementReady Funds.

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