Putnam Investments outsources operations to State Street

Putnam Investments, a US-based investment manager with $191 billion under management, has outsourced the bulk of its custody, fund accounting and investment management operations to State Street Corporation. State Street, based in Boston, will support more than 450 portfolios under the arrangement, which has also involved the transfer of 250 Putnam employees. State Street has been providing custody services to Putnam since 2003.