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September 27, 2004 at 08:00 PM
Sept. 23, 2004 — Putnam Investments said it will disclose more information about mutual fund fees, portfolio manager and executive pay, and brokerage commissions in an effort to reclaim business it lost because of the mutual fund trading scandal.
The reforms make Putnam eligible to compete for business from California’s pension funds, the company and state officials announced on Thursday. Putnam was fired by two pension plans — the California Public Employees’ Retirement System and the California State Teachers’ Retirement System — last year in the wake of the trading scandal. The company had managed about $1.5 billion for Calpers and Calstrs.
The reforms, which Putnam developed with California officials and the pension plans, go beyond new requirements mandated by the Securities and Exchange Commission, the parties said.
The changes, Putnam said, include disclosing the aggregate annual compensation of paid to the teams that manage its funds.
