"[4] In 1997, Putnam Investments established a connection with Nippon Life Insurance in Osaka, Japan, and its subsidiary Nissay Asset Management Company.

Under agreements with the SEC and the Secretary of the Commonwealth of Massachusetts, Putnam paid $110 million in fines and restitution to settle charges with the state and federal regulators.

[7] However, that same year, an SEC lawsuit accused several former employees, including their transfer agency chief, of "defrauding several mutual funds and a corporate retirement plan of $4 million" so they could "cover up an investment-processing error."

[10] In February 2007, Great-West Lifeco, which is controlled by Power Corporation of Canada, announced it would acquire Putnam Investments, a "troubled mutual fund manager," from the Marsh & McLennan Companies for the approximate price of $3.9 billion.

[7] In June 2007, two of Putnam's former managing directors agreed to each pay a $400,000 civil penalty to settle charges of improper trading of mutual fund shares, according to the Securities and Exchange Commission.

[13] In November, Reynolds told the Financial Times that he would restructure the company by merging several equity funds, basing compensation on performance, and laying off 47 workers including managers.

"[16] In 2009, according to a Putnam press release, Reynolds designed a 10-point plan and launched an effort calling for public and private collaboration to strengthen the nation's retirement system.

[17] That year, Putnam launched the industry's first suite of absolute return funds available to U.S. retail investors and re-entered the institutional defined contribution business with a 401(k) product offering.