US investment giant Putnam Investments is to move into the European and UK retail sectors this week with five funds.
Four of the funds – global growth, US growth, European equity and a
high-yield bond fund – are established in the US and will continue to be
run by the same fund managers.
The fifth fund, the Emerging Information Sciences fund, is an offshore
technology fund exclusive to Europe and the UK.
With $400bn in funds under management, Putnam is the fourth-biggest mutual
fund company in the US and the 11th-biggest investment company in the world
but until now it has not had much of a UK presence.
The company describes itself as an innovator in style-based investment
where securities are selected for their similar characteristics, regardless
of sector or geography.
Putnam also announced last week that it is to join Egg's fund supermarket,
which serves the direct investment market.
US competitor Janus has also signed up with Egg.
Egg additions, p12