Putnam Investments' mutual fund assets have fallen below $100 billion, the lowest they have been in more that ten years, according to The Financial Times.
Boston-based Putnam had $21 billion in outflows, which is the largest of any fund group in the U.S. for the past year. According to Financial Research Corp., investors took out another $4 billion in the first quarter of 2006.
It has been attributed to the firm's close involvement in scandal. In the past five years alone, investors have taken out a total of $100 billion. In March, its mutual fund assets dropped to $99.5 billion, down from $240 billion in 1999.
That's on top of the $190 million it paid to settle regulators' charges.
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.