Summary
This 8-K filing from Marsh & McLennan Companies, Inc. (MMC) provides an update on its subsidiary, Putnam Investments. As of November 21, 2003, Putnam reported $247 billion in assets under management (AUM), with $163 billion in mutual funds and $84 billion in institutional assets. The report notes that Putnam has managed client withdrawals and redemptions without an increase in portfolio transaction costs due to sufficient market liquidity, though it cautions that future market conditions cannot be assured. Furthermore, MMC and Putnam are changing their disclosure practices. They will cease providing regular AUM updates via 8-K filings and will revert to posting this information on their respective websites. The next website update is scheduled for December 1, 2003. Investors are directed to www.mmc.com for access to these updates.
Key Highlights
- 1Putnam Investments reported $247 billion in total assets under management as of November 21, 2003.
- 2Mutual fund assets under management stood at $163 billion, with institutional assets at $84 billion.
- 3Putnam has successfully managed client withdrawals and redemptions without incurring increased portfolio transaction costs.
- 4The company attributes the smooth management of redemptions to sufficient market liquidity.
- 5MMC and Putnam will no longer provide regular updates on Putnam's AUM via 8-K filings.
- 6Future AUM updates will be posted on the Marsh & McLennan Companies and Putnam websites.
- 7The next AUM update will be available on December 1, 2003.