Putnam Investments to cut fees
Money manager Putnam Investments said it plans to cut fees on retail mutual funds as a way to draw in assets at a time the industry has lost billions of dollars because of the financial crisis.
Putnam Investments said Monday it will cut 47 jobs, or nearly 2 percent of the work force, and merge six of the company's stock mutual funds into larger funds as part of a broad restructuring under its new chief executive.