Manulife Financial dropped Putnam Investments and Janus Capital Group funds from its pension retail platform and other product offerings, said Heather Carter, spokeswoman. Manulife also terminated Putnam as subadviser to its Manulife Global Equity Trust, replacing it with Templeton Global Advisors. Ms. Carter said the recent fund industry scandal, while a factor, was only one reason for the changes.
Assets of the Putnam Equity Income Fund on Manulife's mutual fund 401(k) platform will be moved to the American Funds Washington Mutual Investors Fund, and the Putnam Global Equity Fund on Manulife's pension retail platform will have assets transferred to the Templeton World Fund, Ms. Carter said. Assets in the Janus Twenty Fund will be moved to the Smith Barney Aggressive Growth Fund, while the Janus Advisor Worldwide Fund will be replaced with the Oppenheimer Global Fund, she said; both of the new funds are on the pension retail platform. Templeton, Smith Barney and Oppenheimer already have funds on the platforms.
Shelley Peterson, Janus spokeswoman, said the firm is working "to win back the confidence of investors." Laura McNamara, Putnam spokeswoman, did not return a call by press time for comment.