Mutual Fund Firm Putnam Plans Hedge Funds

Jun 8 2009 | 1:08am ET

Mutual fund powerhouse Putnam Investments is going into the hedge fund business.

Robert Reynolds, who took the helm at the $102 billion Boston-based firm about a year ago, said Putnam plans to offer hedge fund portfolios within the next year, Reuters reports.

“It’s a business we would like to get into,” Reynolds said at a conference at Boston College. “Over the next six to 12 months, you will see something from us.”

Reynolds said Putnam’s hedge funds will be run by managers already on its roster, including several people he has brought in since becoming CEO. He said the new hedge funds would help Putnam “appeal to a different market segment.”

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