Putnam Investments has rolled out a new mutual fund designed to appeal to money market investors, MutualFundWire reports, citing CraneData. The Boston-based Power Financial Corp. subsidiary launched the Putnam Short Duration Income Fund (PSDTX), designed to provide greater income than money funds and more capital preservation than ultra short bond funds.
Michael Salm, co-head of fixed income, leads the portfolio management team for the new product. The new vehicle, which will have a greater focus on capital preservation than is usually associated with ultra short bond funds, will be benchmarked against the BofA Merrill Lynch U.S. Treasury Bill Index.
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Michael Salm Putnam Floats Putnam Investments Power Financial Corp. Boston