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January 27, 2004 at 07:00 PM
NU Online News Service, Jan. 27, 2004, 4:15 p.m. EST – Putnam Investments, Boston, is trying to lure investors back by cutting fund expenses.[@@]
The embattled fund company says it will reduce the front-end sales charge on most A shares for equity fund purchases below $500,000 and fixed-income fund purchases below $250,000. Putnam will lower the charge by limiting the portion of sales charges it retains to a maximum of 0.25%.
Putnam says it will absorb the savings itself rather than sharing the burden with the advisors who sell its funds.
For Putnam international and global funds that had short-term trading problems, Putnam will cap the expense ratios at Sept. 30, 2003 levels, to prevent shareholders in those funds from paying higher management fees or other expenses as a result of reduced asset levels after that date.
