Nov. 29 (Bloomberg) -- Putnam Investments cut investor fees on its four absolute-return and 10 target-date retirement funds to make them more competitive.
Fees on the absolute-return funds will be reduced by as much as 54 percent, the Boston-based money manager said today in a statement. Cuts on the retirement funds, which use the absolute-return funds as underlying investments, will be as much as 24 percent.
Making the funds less costly “better aligns them to compete aggressively across the marketplace,” Putnam Chief Executive Officer Robert Reynolds said in the statement.
Putnam’s absolute-return funds are designed to generate returns ranging from 1 percentage point to 7 percentage points above U.S. Treasury securities. The funds, which were introduced in 2008, have $2.6 billion in assets, Putnam said. The company had about $114 billion in assets of as Nov. 30.
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