Putnam disclosing more at behest of California funds

Charles "Ed" Haldeman Jr., Putnam president and CEO, today announced Putnam will make more disclosures to mutual fund investors, the details of which were worked out with California's two largest public pension plans. The disclosures include aggregate compensation for each fund's management team, the money senior managers have in Putnam funds, the amount paid in commissions to the firm's largest broker-dealers and enhanced information on investment staff changes. At a joint news conference with Mr. Haldeman, California Treasurer Phil Angelides called the firm's disclosure commitments "a new set of best-in-class standards." Mr. Angelides, who was joined by Jack Ehnes, CEO of the $114 billion California State Teachers' Retirement System, and Rob Feckner, board member of the $167 billion California Public Employees' Retirement System, said at a news conference that the added disclosure had helped address the concerns that led the two plans to withdraw a combined $1.5 billion from Putnam late last year, after the SEC accused Putnam of market timing. Mr. Angelides said Putnam's rights to compete on an equal footing with other money managers for new mandates from CalPERS and CalSTRS have been restored. Mr. Haldeman, in a telephone interview after the conference, promised further steps to restore Putnam's reputation. "We are not even close to being done," he said.