Feeds
Putnam Investments said Tuesday it is cutting fees for its fixed-income mutual funds by an average 13 percent, and by 10 percent for asset allocation funds holding a mix of stocks and bonds.
The head of Fidelity Investments' equity division is leaving the fund company to join rival Putnam Investments.
Putnam Investments said Wednesday it's eliminating 260 jobs, or about 10 percent of its work force, as its money management fees decline along with the markets.
Putnam Investments said Monday it will cut 47 jobs, including 12 portfolio managers, and merge six of its stock mutual funds into larger funds under a restructuring by the company's new top executive.
Two brokerage firms told their customers Wednesday that they will cover up to $83 million of losses in a fallen money market fund, while clients of a Putnam Investments fund that suddenly closed last week were told their assets will be moved to another firm.
Putnam Investments on Thursday suddenly closed a $12 billion money-market fund and announced plans to return investors' money after institutional clients pulled out cash despite the fund's lack of exposure to troubled financial firms such as Lehman Brothers Holdings Inc.
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