Putnam Investment Management

In the first of a number of settlements involving allegations of market timing and late trading at mutual fund complexes, Analysis Group academic affiliate Peter Tufano independently assessed losses to shareholders from alleged market timing and excessive short-term trading by employees of Putnam Investment Management and others. Operating under settlement orders between Putnam and the SEC (together with the Commonwealth of Massachusetts), Professor Tufano developed methodologies for analyzing potential market timing transactions and measuring dilution. An Analysis Group team worked under his direction in analyzing data from 75 Putnam mutual funds over a seven-year period. Under the plan developed as a result of Professor Tufano’s analysis, Putnam agreed to make payments to shareholders of more than $150 million.