Putnam launches six more funds as Reynolds plays catch up

Putnam Investments' launch Monday of six new mutual funds brings to 26 the total number of funds added since Robert Reynolds took over as president and chief executive in July 2008. The $135 billion asset management firm, which now has 69 open-end mutual funds, didn't launch a single fund during the four years prior to Mr. Reynolds' taking over. Perhaps most telling about the fund lineup expansion is that 12 of the 26 new funds fit into an alternative investment category. “Given all that investors and advisers have experienced over the past five years, and the multitude of directions that markets could travel over the next generation, we see a critical need for the investment industry to think anew about ways to capture opportunity and mitigate risk,” Mr. Reynolds said. The most recent launch includes an eclectic list of strategies that he said all fit the general theme of “trying to meet the adviser's needs as well as address what's happening in the markets.” The funds include the Putnam Low Volatility Equity Fund (PLVEX), Putnam Strategic Volatility Equity Fund (PSVEX), Putnam Global Dividend Fund (PGDEX), Putnam Emerging Markets Income Fund (PEMWX), Putnam Short-Term Municipal Income Fund (PSMEX), and Putnam Intermediate-Term Municipal Income Fund (PIMEX).