Putnam Investments
Corporate brand
UnclaimedAmerican investment management company specializing in active asset management, mutual funds, retirement solutions, and institutional investment strategies.
Last updated October 14, 2026
Overview
Putnam Investments is an American investment management company founded in Boston in 1937 by George Putnam. The firm began with a strong focus on pooled investment vehicles and is associated with the early development of balanced mutual funds through The George Putnam Fund of Boston, one of the first funds of its type. Over time, Putnam expanded from a Massachusetts-based fund manager into a broad asset-management organization serving individual investors, financial advisers, employer-sponsored retirement plans, insurance platforms, institutions, and defined-contribution programs. The company’s business has historically centered on actively managed mutual funds, institutional portfolios, retirement-plan services, and related investment products. Its investment capabilities have included U.S. and international equities, fixed income, multi-asset strategies, convertible securities, sustainable investing, absolute-return approaches, target-date funds, separately managed accounts, and pooled institutional vehicles. Putnam has also operated or sponsored products connected with 401(k) plans, individual retirement accounts, college savings, variable insurance products, and other workplace or wealth-management channels. Putnam’s growth accelerated during the second half of the twentieth century. Lawrence Lasser joined the company in 1969 and later became its chief executive, during a period in which Putnam became one of the largest U.S. mutual-fund managers. The company developed international relationships as well, including a 1997 connection with Nippon Life Insurance and Nissay Asset Management in Japan. At its peak around the turn of the century, Putnam managed hundreds of billions of dollars, but its asset base declined sharply after 2000 amid market conditions, investment-performance pressures, and extensive client withdrawals. The most difficult period in Putnam’s modern history came in 2003 and 2004, when U.S. regulators investigated market-timing and short-term trading by certain portfolio managers and favored investors. The Securities and Exchange Commission alleged that Putnam had failed to disclose and adequately supervise improper trading activity. The firm entered settlements that included monetary penalties, restitution, governance reforms, employee-trading restrictions, enhanced compliance procedures, and independent reviews. The controversy led to Lasser’s resignation, substantial redemptions, civil litigation, and a major rebuilding of the company’s controls and culture. Putnam later faced additional regulatory scrutiny concerning brokerage arrangements that promoted the distribution of its funds and a separate case involving an alleged effort by former employees to conceal a processing error. Charles E. Haldeman, Jr. became chief executive after the 2003 scandal and introduced organizational, compensation, compliance, and ethics changes. These included reductions in staffing and senior-management compensation, revised incentives for portfolio managers, and new principles intended to orient the firm toward longer-term investment performance. Robert L. Reynolds became president and chief executive in 2008 and pursued further restructuring, fund consolidation, performance-linked compensation, pricing changes, and retirement-product expansion. In 2009 Putnam introduced absolute-return products for U.S. retail investors and re-entered the institutional defined-contribution market with a 401(k) offering. It also developed RetirementReady target-date products that combined conventional relative-return strategies with absolute-return components. Putnam was acquired by Great-West Lifeco in 2007 from Marsh & McLennan Companies. Great-West’s ownership connected Putnam with the broader Power Corporation of Canada financial-services group and supported a renewed emphasis on retirement and institutional asset management. In May 2023, Franklin Templeton agreed to acquire Putnam from Great-West Lifeco for approximately $925 m…
History
Putnam Investments was established in Boston in 1937 by George Putnam. Its earliest identity was closely connected with mutual funds and long-term pooled investing. George Putnam founded The George Putnam Fund of Boston, an early balanced mutual fund that combined equity and fixed-income exposure in a single investment vehicle. This structure helped establish the firm’s reputation as an innovator in the developing U.S. mutual-fund industry. Lawrence Lasser joined Putnam in 1969 and eventually became one of the company’s most important executives. During his tenure, Putnam expanded substantially and became one of the largest managers of mutual funds in the United States. The company broadened its product range and distribution relationships across retail financial advisers, institutional investors, retirement plans, and insurance channels. In 1997, Putnam established a relationship with Nippon Life Insurance in Japan and Nissay Asset Management, reflecting the firm’s international expansion. The period after 2000 was marked by a significant decline in assets under management. Putnam’s asset value fell from approximately $400 billion to roughly $192 billion over the following years. The decline reflected a combination of market conditions, investment performance, and investor withdrawals. The firm’s difficulties became especially serious in 2003, when the SEC and Massachusetts regulators filed actions alleging that certain portfolio managers and favored clients had engaged in rapid trading or market timing in Putnam mutual funds. Putnam entered a partial SEC settlement in November 2003 and agreed to undertake extensive reforms. These included restrictions on employee trading, stronger compliance systems, independent oversight, and changes intended to improve fund-board governance. In April 2004, the SEC announced a further settlement involving a $50 million civil penalty and $5 million in disgorgement. The Massachusetts matter and related agreements resulted in additional restitution and penalties. The scandal caused heavy redemptions from Putnam’s stock and bond funds, numerous civil actions, and the resignation of Lawrence Lasser. Charles E. Haldeman Jr., who had led one of Putnam’s investment divisions, became chief executive after Lasser’s departure. From 2003 through 2007, Haldeman implemented a broad reconstruction of the firm. Putnam adopted new ethical and operating principles, reduced staff, eliminated a number of senior positions, cut executive compensation, and changed portfolio-manager incentives to encourage longer-term decision-making. The firm also attempted to rebuild its relationship with regulators, fund shareholders, financial intermediaries, and institutional clients. Putnam faced additional regulatory problems during this period. In 2005, the SEC announced a $40 million settlement concerning preferred-marketing arrangements with more than 80 broker-dealers. Regulators said Putnam had not adequately disclosed conflicts created when brokerage commissions were directed in ways that supported the distribution of Putnam funds. In 2006, the SEC also brought an action involving former employees accused of defrauding mutual funds and a corporate retirement plan in connection with an investment-processing error and an alleged cover-up. In 2007, Great-West Lifeco agreed to acquire Putnam from Marsh & McLennan Companies for a reported price of approximately $3.9 billion. The acquisition formed part of Great-West’s effort to expand in the United States and gave Putnam a new ownership structure connected with Power Corporation of Canada. Later that year, two former Putnam managing directors settled SEC charges relating to improper trading, while former chief executive Lawrence Lasser separately settled allegations concerning disclosure of brokerage arrangements. Robert L. Reynolds became Putnam’s president and chief executive in 2008. During the global financial crisis, Putnam restructured its product range, merged selected equity funds, linked more compensation to investment performance, and reduced headcount. In September 2008, the trustees of Putnam Prime Money Market Fund voted to liquidate the fund because of significant redemption pressure and concerns that selling assets to meet redemptions would disadvantage remaining investors. Putnam’s strategic response in the late 2000s emphasized retirement investing and product redesign. In 2009, the firm launched an absolute-return fund suite for U.S. retail investors and returned to the institutional defined-contribution market with a 401(k) offering. It also developed RetirementReady target-date funds that blended absolute-return and conventional relative-return strategies. Putnam announced a broad retail pricing overhaul that included lower fees, fund-family breakpoints, and performance-based fee structures. These initiatives were intended to restore competitiveness and improve alignment between the firm and its shareholders. During the 2010s, Putnam continued operating as an active manager across equities, fixed income, multi-asset portfolios, retirement products, and institutional mandates. It maintained a reputation for shareholder-service programs and continued developing sustainable-investing capabilities. Its public communications increasingly emphasized environmental, social, and governance analysis, fundamental research, risk management, and collaboration among portfolio managers and analysts. On May 31, 2023, Franklin Templeton announced an agreement to acquire Putnam from Great-West Lifeco for approximately $925 million. The transaction was part of a broader strategic partnership involving Franklin Resources, Great-West Lifeco, and Power Corporation of Canada. PanAgora Asset Management, which had been associated with Putnam, was excluded and retained by Great-West. Franklin Templeton completed the acquisition on January 1, 2024. Putnam now operates as a Franklin Templeton company, retaining its brand and investment platform while participating in Franklin Templeton’s broader global distribution and retirement businesses.
- 2024
Franklin Templeton completes acquisition
[3]The transaction closes on January 1, 2024, and Putnam becomes part of Franklin Templeton.
- 2023
Franklin Templeton agrees to acquire Putnam
[4]Franklin Templeton announces a roughly $925 million acquisition of Putnam from Great-West Lifeco; PanAgora is excluded.
- 2009
Absolute-return and retirement initiatives expand
[13]Putnam launches an absolute-return fund suite, re-enters institutional defined-contribution investing, and develops RetirementReady target-date offerings.
- 2009
Mutual-fund pricing structure is overhauled
[12]Putnam proposes lower management fees, performance-linked fees, and broader breakpoints across its retail mutual-fund platform.
- 2008
Robert L. Reynolds becomes president and chief executive
[1]Robert L. Reynolds succeeds Charles E. Haldeman Jr. and begins a restructuring centered on fund consolidation, performance-based compensation, and operating efficiency.
- 2008
Putnam Prime Money Market Fund is liquidated
[1]Trustees vote to liquidate the $12.3 billion Putnam Prime Money Market Fund because of redemption pressure and concerns about selling assets to meet withdrawals.
- 2007
Great-West Lifeco announces acquisition
[1]Great-West Lifeco agrees to acquire Putnam from Marsh & McLennan Companies for approximately $3.9 billion.
- 2005
Brokerage-disclosure settlement
[7]Putnam pays $40 million to resolve SEC charges involving inadequate disclosure of preferred-marketing arrangements with broker-dealers.
- 2004
Putnam agrees to SEC market-timing settlement
[5]Putnam agrees to pay a $55 million SEC penalty and disgorgement and undertakes extensive compliance, governance, and ethics reforms.
- 2003
Market-timing investigation begins
[6]The SEC and Massachusetts regulators bring actions concerning alleged improper short-term trading by certain Putnam employees and favored investors.
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Products and positioning
A research-driven active asset manager with a strong heritage in mutual funds and retirement investing. Putnam emphasizes stock-specific fundamental research, collaborative portfolio management, risk awareness, sustainable-investing integration, and solutions for retail, institutional, insurance, and workplace-retirement clients.
Balanced mutual fund · 1937
The George Putnam Fund of Boston
Founded alongside Putnam Investments in 1937, The George Putnam Fund of Boston is historically associated with the early development of balanced mutual funds. Its structure combined multiple asset classes in one pooled investment vehicle and helped establish Putnam’s long-term identity as a mutual-fund manager.
Mutual funds · 1937
Putnam mutual funds
Putnam’s mutual-fund platform has included actively managed U.S. and international equity funds, fixed-income funds, balanced and multi-asset funds, retirement-oriented products, sustainable strategies, and specialized funds. The family has historically served individual investors through financial advisers, retirement plans, and other distribution intermediaries.
Absolute-return mutual funds · 2009
Putnam Absolute Return funds
Putnam introduced a suite of absolute-return funds for U.S. retail investors in 2009. The products were designed to pursue positive returns over multi-year periods relative to Treasury-related benchmarks rather than simply track traditional equity or bond-market benchmarks.
Target-date retirement funds · 2009
Putnam RetirementReady funds
RetirementReady products combined conventional relative-return investment strategies with absolute-return components. The design sought to address retirement accumulation and sequence-of-returns concerns by offering diversified allocations that could be used within workplace and individual retirement programs.
Sustainable equity strategy · 2018
Putnam Sustainable Leaders
Putnam Sustainable Leaders invests in companies viewed as leaders on financially material sustainability issues. The strategy integrates forward-looking sustainability analysis with fundamental equity research and has been offered through separate accounts, mutual funds, model portfolios, and exchange-traded-fund structures.
Defined-contribution and 401(k) solutions · 2009
Putnam workplace retirement solutions
Putnam provides investment products and services for employer-sponsored retirement plans, including 401(k) arrangements and other defined-contribution programs. The offering connects investment management with participant education, plan design, retirement-income considerations, and institutional client servicing.
Institutional asset management
Putnam institutional investment strategies
Putnam manages institutional mandates through custom separate accounts, pooled vehicles, and other investment structures. Capabilities span equities, fixed income, multi-asset portfolios, convertible securities, sustainable investing, quantitative and risk analysis, and retirement-plan assets.
Controversies
2007
Former executives settle improper-trading and disclosure allegations
Former managing directors Justin Scott and Omid Kamshad agreed to civil penalties and temporary suspensions over alleged improper mutual-fund trading. Former chief executive Lawrence Lasser separately settled SEC allegations concerning disclosure of brokerage arrangements.
2006
Alleged concealment of investment-processing error
The SEC accused former Putnam employees of defrauding mutual funds and a corporate retirement plan in connection with a delayed asset transfer and an alleged effort to assign the resulting loss to other funds.
2005
Undisclosed broker-dealer marketing arrangements
The SEC found that Putnam and an affiliate had not adequately disclosed conflicts related to preferred-marketing arrangements with more than 80 broker-dealers. Putnam paid a $40 million penalty distributed to affected funds.
2003
Market-timing and employee-trading scandal
The SEC and Massachusetts regulators alleged that certain Putnam portfolio managers and employees engaged in excessive short-term or market-timing trades in Putnam mutual funds and that the firm failed to supervise and disclose the conduct adequately. Putnam agreed to governance, compliance, employee-trading, and ethics reforms, followed by monetary settlements and restitution.
Marketing campaigns
- 2022Morgan Stanley Equity Collective participation
United States
Putnam participated in the Morgan Stanley Equity Collective, a group of wealth-management and asset-management businesses focused on educating, empowering, and developing diverse leaders in finance.
Outcome. The initiative provided a multi-year collaboration framework for talent development, diversity, financial education, and leadership development.
- 2021Active Voice
Global
Active Voice is Putnam’s thought-leadership and stakeholder-engagement platform focused on public policy, capital markets, asset management, retirement savings, sustainability, technology, diversity, and the client experience.
Outcome. The platform became a recurring channel for Putnam executives and investment professionals to discuss industry change and the firm’s public-policy and sustainability priorities.
- 2020Covid, Community, and Climate (C3)
United States
Putnam’s Active Voice platform developed the Covid, Community, and Climate project to examine how the pandemic affected business resilience, communities, sustainability, and climate-related priorities.
Outcome. The project generated public-facing discussions and commentary linking investment management with social, environmental, and workplace issues.
Brand decisions
2023
Franklin Templeton acquisition agreementM&ABackground
Great-West Lifeco and Franklin Templeton sought to combine complementary asset-management, retirement, insurance, and distribution capabilities.
Action taken
Franklin Templeton agreed to acquire Putnam, while Great-West retained PanAgora Asset Management and entered a broader strategic partnership with Franklin Resources.
Aftermath
The acquisition closed on January 1, 2024, and Putnam became a Franklin Templeton company.
Announced acquisition consideration. Approximately $925 million (May 31, 2023 announcement)
2009
Retail mutual-fund pricing overhaulPrice changeBackground
Putnam sought to make its product line more competitive and improve alignment between fund expenses and investment performance.
Action taken
The firm proposed lower management fees, performance-based fees for selected funds, and fund-family-wide breakpoint changes.
Aftermath
The plan repositioned pricing as part of Putnam’s post-crisis effort to improve shareholder value and restore competitiveness.
2009
Absolute-return and RetirementReady product expansionProduct launchBackground
The global financial crisis increased demand for retirement products designed to address volatility, downside risk, and the possibility of outliving savings.
Action taken
Putnam launched an absolute-return fund suite, re-entered institutional defined-contribution investing with a 401(k) offering, and incorporated absolute-return strategies into RetirementReady target-date funds.
Aftermath
The initiative strengthened Putnam’s focus on retirement markets and broadened its product architecture beyond conventional relative-return mutual funds.
2008
Liquidation of Putnam Prime Money Market FundOtherBackground
The fund faced significant redemption pressure during the global financial crisis.
Action taken
The board of trustees voted to liquidate the fund and return capital to investors rather than sell assets under stressed conditions.
Aftermath
The decision ended the fund’s operation and was presented as a measure to protect remaining investors from losses associated with forced asset sales.
Fund assets at liquidation decision. $12.3 billion (September 18, 2008)
2007
Great-West Lifeco acquisition of PutnamM&ABackground
Putnam was seeking a new ownership structure after asset declines, regulatory controversies, and investor withdrawals, while Great-West Lifeco was expanding its U.S. asset-management presence.
Action taken
Great-West Lifeco agreed to acquire Putnam from Marsh & McLennan Companies.
Aftermath
Putnam became part of the Great-West and Power Corporation financial-services group and continued operating under its established brand.
Approximate acquisition price. $3.9 billion (Announced February 2007)
2003
Compliance and governance reform after regulatory investigationsStrategyBackground
Regulators alleged that certain employees engaged in improper short-term trading and that Putnam had inadequate supervision and disclosure controls.
Action taken
Putnam accepted censures and cease-and-desist relief, restricted employee trading, strengthened compliance staffing and procedures, and committed to governance and ethics reforms.
Aftermath
The reforms became the foundation of a broader post-scandal restructuring and investor-recovery effort.
Recent events
- 2024
Franklin Templeton completed its acquisition of Putnam[3]
M&A
Franklin Resources announced that the acquisition closed on January 1, 2024, making Putnam a Franklin Templeton company and strengthening Franklin Templeton’s retirement and defined-contribution capabilities.
- 2024
Putnam received DALBAR’s Total Client Experience Award for the 2023 program[18]
Other
DALBAR reported that Putnam, then part of Franklin Templeton, received the Total Client Experience Service Award for the thirteenth consecutive year.
- 2023
Franklin Templeton agreed to acquire Putnam Investments[4]
M&A
Franklin Templeton announced an agreement to acquire Putnam from Great-West Lifeco for approximately $925 million, while PanAgora Asset Management was excluded from the transaction.
- 2011
Putnam received continued recognition for shareholder service[15]
Other
Putnam was reported as receiving the DALBAR Service Award for the 21st consecutive year, extending a long-running service-quality recognition.
- 2009
Putnam announced a major overhaul of mutual-fund pricing[12]
Pricing
The company proposed lower management fees, broader breakpoints, and performance-linked fee structures to make its fund range more competitive and better align fees with outcomes.
- 2009
Putnam expanded absolute-return and target-date retirement offerings[13]
Product launch · Product generation
Putnam introduced absolute-return strategies for U.S. retail investors and incorporated them into RetirementReady target-date products aimed at improving retirement-outcome resilience.
- 2008
Putnam Prime Money Market Fund was liquidated amid redemption pressure[1]
Other · Product generation
Putnam’s trustees approved liquidation of the approximately $12.3 billion Prime Money Market Fund, citing significant redemption pressure and concern that asset sales could harm remaining investors.
- 2007
Great-West Lifeco agreed to acquire Putnam from Marsh & McLennan[1]
M&A
Great-West Lifeco announced an acquisition intended to expand its U.S. asset-management and retirement businesses.
Sources19 sources
- 1Putnam Investmentsen.wikipedia.org
- 2Putnam Investments official company informationputnam.com
- 3Franklin Templeton completes acquisition of Putnam Investmentsfranklintempleton.com
- 4Franklin Templeton agreement to acquire Putnam Investmentsfranklintempleton.com
- 5SEC settlement concerning market timing by Putnam portfolio managerssec.gov
- 6SEC action concerning Putnam employee trading and compliance reformssec.gov
- 7SEC settlement concerning Putnam broker-dealer marketing arrangementssec.gov
- 8SEC litigation release concerning former Putnam portfolio managerssec.gov
- 9Putnam institutional equity capabilities and leadershipputnam.com
- 10Shep Perkins profileputnam.com
- 11Putnam global business development teamputnam.com
- 12Putnam pricing overhaul filingsec.gov
- 13Putnam RetirementReady and absolute-return strategy coverageinvestmentnews.com
- 14Putnam Sustainable Leadersputnam.com
- 15DALBAR service-award informationdalbar.com
- 16Covid, Community, and Climate (C3)putnam.com
- 17Morgan Stanley Equity Collective participationputnam.com
- 18Putnam received DALBAR’s Total Client Experience Award for the 2023 programdalbar.com
- 19Franklin Templeton launches Putnam's first UK active ETFmoneymarketing.co.uk
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