Putnam Investments saw a $14 billion decline in assets under management during the second quarter, to $213 billion, according to an announcement by parent Marsh & McLennan. Total AUM for the quarter was down 20% from the same period a year ago. Institutional assets fell $5 billion to $65 billion, less than the $7 billion decline reported in the first quarter, but mutual fund assets were down $9 billion to $148 billion as of June 30, compared with the $6 billion decline of the previous quarter. Revenue dropped 10% to $446 million in the second quarter, compared to the same period last year, while operating income tumbled 24% to $95 million.
"We continue to move forward as a firm focusing on rebuilding investor confidence and delivering consistent, dependable, superior investment performance over time," Putnam said in a statement. Jeffrey W. Greenberg, Marsh & McLennan chairman and CEO, said in a conference call today that MMC is as committed to Putnam as it has ever been.
Richard Monaghan, senior managing director at Putnam, couldn't be reached by press time for comment.