Boston Investment Firm Struggles To Make A Comeback
By Bob Oakes (WBUR)
The economic crisis has hit all financial firms hard, but for Boston-based Putnam Investments, trouble started even before the meltdown.
In 2001, the mutual fund company was the fourth-largest manager of stock and bond funds in the United States, according to the Financial Research Corporation in Boston. By 2003, Putnam had fallen from the top-five list, and just a few months ago, the company was not even among the top 25.
But despite its problems, Boston-based Putnam Investments is looking to grow. The firm wants to add new funds and reorganize parts of the company to return it to its former prominence.
To hear about Putnam’s plans, and to find out how it is faring during the economic recession, WBUR spoke with Putnam’s president and CEO, Robert Reynolds. The conversation is part of an ongoing series of conversations with local business leaders.
WBUR started out by asking Reynolds what challenges investment professionals face in the rocky economy.