BOSTON--(BUSINESS WIRE)--Putnam Investments announced today the availability of a new highly competitive pricing option on its Putnam Retirement Advantage Funds, a series of 10 target-date funds designed for the retirement marketplace. Putnam class X shares have a management fee of 0.35% and are available to defined contribution plans that have a minimum of $5 million invested in Putnam Retirement Advantage Funds. The new class X shares symbolize the 10-year anniversary of the suite, which has experienced noteworthy growth in recent years.
“We regularly evaluate our product offerings in an ongoing effort to provide retirement plans with an exceptional slate of actively managed investment strategies at competitive prices,” said Steven P. McKay, Head of Defined Contribution Investment Only (DCIO) at Putnam Investments. “The addition of the new share class for our Putnam Retirement Advantages series underscores our commitment to deliver performance and value to plan sponsors — to ultimately help their participants meet their retirement goals.”
Putnam Retirement Advantage Funds are designed for plan participants who want the risk/return profile of their asset allocation glide path to reflect their projected retirement date. The funds are actively managed by Putnam’s Global Asset Allocation team, a highly experienced group with a strong long-term track record of pursuing multi-asset investment strategies.
Putnam Retirement Advantage Funds, which currently have $3.8 billion in assets under management, are collective investment trusts, a pooled vehicle structure that can help to keep costs competitive by providing lower operational expenses and enhanced fee flexibility.
“Putnam is laser-focused on addressing the issues most important to plan sponsors and consultants, including fees, transparency and performance. We see our role as a critical piece of the equation, as we work closely with retirement plan sponsors and their advisors in providing an array of effective and innovative traditional and non-traditional investment strategies for participants,” added McKay.
Putnam’s DCIO business, with $20 billion in assets, offers numerous investment options for defined contribution plans.
About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with 80 years of investment experience. At the end of January 2018, Putnam had $177 billion in assets under management. For more information, visit putnam.com.