Putnam Investments earned the inaugural title "Retirement Leader of the Year" at the 18th annual Mutual Fund Industry Awards on April 7 in New York.
Putnam was recognized for its leadership initiatives and innovative solutions in the workplace savings arena, including its efforts to sharpen the focus on retirement income and encourage the industry and policy makers to further strengthen the workplace savings system.
"We are honored to be the first-ever recipient of this award," said Robert L. Reynolds (right), preside
nt and CEO of Putnam Investments. "There is an increasing need across the retirement savings industry – for plan sponsors, 401(k) participants, advisors and consultants, as well as policy makers, and importantly, plan providers – to define ways to help working Americans prepare financially for a dignified and sustainable high-quality retirement. While the entire Putnam family is pleased to have its efforts in this area recognized on such a prominent stage, we will continue to use all of our resources and capabilities each day to help solve this national challenge."
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Putnam is set to unveil this summer a new line of products aimed at meeting the needs of baby boomers, specifically. [See related: Companies shift product focus to help struggling baby boomers]. The funds are absolute return funds, which are mutual funds that promise a return in any market condition.
Since Reynolds joined Putnam in July 2008, Putnam has announced a series of actions designed to have positive, long-term impact on the retirement market. Most recently, Putnam shared plans to offer a unique suite of income-oriented mutual funds that shift the focus from asset accumulation to asset distribution, to address changing financial needs throughout an individual's retirement. The funds, working in tandem with a retirement income planning tool, will aim to help advisors guide their clients, who are in or near retirement, in developing strategies for monthly income flows, based on varying levels of risk tolerance.
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