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Putnam assets down another $2B

/ Source: The Associated Press

Assets under management at Putnam Investments fell another $2 billion last week to $245 billion, the Boston-based mutual fund company’s parent company disclosed Monday.

The decline appeared to show a slowing of fund outflows from Putnam, the first fund company formally accused of wrongdoing in the market-timing scandal, though last week included the Thanksgiving holiday. Putnam’s assets had declined $9 billion the week before, and $7 billion the week before that. Altogether, Putnam’s assets are down $32 billion since the scandal broke.

Assets under management are determined by two variables: how much investors put in and take out, and the underlying value of the investments.

The figure was disclosed in updated information about Putnam provided on the Web site of parent firm Marsh & McLennan.

Marsh & McLennan has indicated it would stop reporting Putnam’s asset figures weekly and disclose them monthly instead, but the first monthly report came exactly a week after the last disclosure.

Marsh reported that Putnam had $164 billion in mutual fund assets and $81 billion in institutional assets.