2 MUTUAL FUNDS MOVE TO ASSURE WARY INVESTORS

Article Abstract:

PBGH Funds decided to remove its co-founders Harold J. Baxter and Gary L. Pilgrim after the firm learned that Pilgrim had invested in a private partnership that participated in frequent in-and-out stock trading, better known as market timing, of PBHG Funds from Mar. 2000 until Dec. 2001. Baxter knew the improper trading was happening. Putnam Investments decided to settle its case with the SEC and agreed to new procedures in mutual fund trading. Other state and federal investigations are still pending.

Executive changes & profiles, Officials and employees, Investigations, United States. Securities and Exchange Commission, Securities trading, PBHG Funds

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Inside Putnam: Reform or Damage Control?

Article Abstract:

Both employees and mutual fund stockholders in Putnam Investments are not sure that the company is doing everything it can and should do to correct its market timing transgressions that caused financial losses to investors. Putnam is refusing to disclose all of its assets under management. Key employees are fearful of retaliation if they reveal inside information about the company's failure to control unethical business practices

Management dynamics, Public affairs, Management, Public relations, Company business management, Company public relations, Spitzer, Eliot

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