Putnam Takes a Broader 529 View

May 13, 2010 (PLANSPONSOR.com) - Putnam Investments says it will begin to “actively seek opportunities” to serve the broader college savings market nationwide.

Putnam, which says it had addressed the 529 college savings needs through financial advisors in an exclusive relationship with the state of Ohio since 2000, now says it will be transitioning away from its exclusive work in 529 college savings for the Ohio Tuition Trust Authority (Tuition Trust), managing the Putnam CollegeAdvantage Plan, based on Tuition Trust’s intention to narrow the number of advisor-sold 529 plan options offered. 

Beginning in October, Putnam will make its bolstered investment organization and 529 experience set available for what the firm described as “a host of potential marketplace assignments in the future”.

“We appreciate the experience of working  in partnership with the Ohio Tuition Trust Authority and financial advisors to help families  save for higher education over the last decade, but we see enormous opportunity to bring the full weight and breadth of Putnam’s strengthened investment capabilities, innovative product solutions, and heralded service and distribution teams to bear for the broader college savings marketplace,” commented Robert L. Reynolds, president and chief executive officer, Putnam Investments, in announcing the move.