Retail Assets Shrink 20% Led By Growth Equity Funds
Revenues for Putnam Investments were $696 million for the second quarter of 2001, down 12% from a year ago, Marsh & McLennan Companies, Putnam's parent, reported today. Retail assets in mutual funds fell 20%, with growth equity funds decreasing by nearly half to $76 billion, from $149 billion. Institutional assets fell 7.6% to $97 billion.
Operating income for Putnam decreased to $207 million, 18% lower than a year ago.
Total assets under management fell 14% to $340 billion in the second quarter compared to the same period a year ago, reflecting the decline of equity markets over the last year, according to the company.
Despite the fall in revenues from Putnam, total revenues for Marsh & McLennan rose 1 percent to $2.5 billion.