News Flash- Putnam Discloses Stake Managers Have in Funds
November 8, 2004
To prove to its investors that it is working tirelessly to regain a once solid reputation, Putnam Investments has begun to disclose to the Securities and Exchange Commission how much money its fund managers, employees and trustees invest in the company's funds. The admission signals a preemptive move by Putnam, since a new SEC rule requiring managers to disclose their holdings does not take effect until February.
In addition, more disclosures at Putnam are said to be on the way. In its attempts to garner business from a state pension fund in California, the company agreed that it would release the details of the compensation packages awarded to its portfolio managers.