Putnam Investments was named the inaugural recipient of the “Retirement Leader of the Year” award last night at the 18th annual Mutual Fund Industry Awards in New York.* Putnam was recognized for its leadership initiatives and innovative solutions in the workplace savings arena, including its efforts to sharpen the focus on retirement income and encourage the industry and policy makers to further strengthen the workplace savings system.
“We are honored to be the first-ever recipient of this award,” said Robert L. Reynolds, president and chief executive officer of Putnam Investments. “There is an increasing need across the retirement savings industry – for plan sponsors, 401(k) participants, advisors and consultants, as well as policy makers, and importantly, plan providers – to define ways to help working Americans prepare financially for a dignified and sustainable high-quality retirement. While the entire Putnam family is pleased to have its efforts in this area recognized on such a prominent stage, we will continue to use all of our resources and capabilities each day to help solve this national challenge.”
Since Reynolds joined Putnam in July 2008, Putnam has announced a series of actions designed to have positive, long-term impact on the retirement market. Most recently, Putnam shared plans to offer a unique suite of income-oriented mutual funds that shift the focus from asset accumulation to asset distribution, to address changing financial needs throughout an individual’s retirement. The funds, working in tandem with a retirement income planning tool, will aim to help advisors guide their clients, who are in or near retirement, in developing strategies for monthly income flows, based on varying levels of risk tolerance.
Advocacy For A Stronger Workplace Savings System
Reynolds has long been an outspoken advocate for reforming and revitalizing the nation’s public and private retirement systems. He previously has called for universal adoption by workplace plans of auto-enrollment, savings escalation and guidance to wise asset allocation, all of which were authorized by the Pension Protection Act of 2006. He also has called for extending the benefits of workplace savings to workers who have no access to a job-based retirement plan through ideas such as an Auto-IRA payroll deduction proposal, and has called on Congress to adopt reforms to save Social Security.
A Commitment to 401(k) Innovation
In 2010, Putnam introduced a market leading participant and plan sponsor web interface that has redefined the user experience and changed the lens by which participants view their retirement savings.
Lifecycle Funds Integrate Absolute Return Strategies
Putnam also enhanced products aimed at the retirement market such as the Putnam RetirementReady® Funds, the firm’s suite of 10 target-date/lifecycle retirement funds, which were the industry’s first suite of lifecycle funds to integrate absolute return strategies. By adding Putnam’s Absolute Return Funds, which seek positive returns of 1%, 3%, 5%, or 7% above inflation over a period of three years with less volatility than has been associated with traditional asset classes that have earned similar rates of return, this suite of target-date/life cycle funds can be especially effective for those in or near retirement.
*About the Awards
The Annual Mutual Fund Industry Awards, presented by Fund Directions and Fund Action recognize the funds, fund leaders, marketers, trustees and independent counsel who stood out for their successes, achievements and contributions in 2010. Winners are chosen based on a number of factors including innovation, market impact, uniqueness of approach, and how well they met other criteria established by the editors for their award category.
About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. The firm was recently named one of the top 15 mutual fund families by Barron’s/Lipper for the second consecutive year. At the end of March 2011, Putnam had $127 billion in assets under management, including mutual fund assets of $69 billion and institutional assets of $58 billion. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit putnam.com.
Putnam mutual funds are distributed by Putnam Retail Management.