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Putnam CEO: New Regs May Harm Investors

NEW YORK - New regulations may serve to harm investors by flooding them with information, Charles E. Haldeman, CEO of Putnam Investments, said here at the annual meeting of the National Association for Variable Annuities.

"As a regulator, I could see where it would be a Catch-22: In some ways, our industry has not put out the information they should have," Haldeman said. "Ideally, we should come out with something readable and understandable" instead of the "big thick documents" that mutual funds must present investors.

Disclosures have become so long and detailed that they draw attention away from more pressing investor concerns, Haldeman explained. The real problems, he said, are inadequate saving rates, failure to take advantage of employer-sponsored savings plans and too frequent switching among mutual funds.

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