Putnam Investments announced that management fees on the company’s retail mutual funds will be reduced or eliminated in order to provide investors with pricing benefits as well as to keep Putnam’s products relevant in the changing marketplace. “Every element of our re-pricing plan is crafted to benefit our shareholders, in some cases immediately, in all cases over the long haul,” said Putnam’s CEO, Robert L. Reynolds, in a July 28 company statement.
Some of the management fee reductions started August 1st, including fee-reductions on asset allocation funds as well as fixed-income funds, as well as an elimination of management fees on target date funds.
Management fees for Putnam Fixed Income Funds will be reduced by 13% to 34%. Management fees for Putnam Asset Allocation Funds will be reduced by 10%, while the wrap fee for Putnam Retirement Ready Funds will be eliminated.