Putnam seeking funds to buy

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Putnam Investments, the giant Boston mutual fund group, may help ignite the takeover market for single-manager hedge funds and is understood to be on the lookout for any boutique managers that it could buy.

It is thought to be focusing its efforts on small and medium-sized hedge fund operations, which have capacity that it can push down its distribution network. The group runs $241 billion of mutual fund assets.

The initiative to buy more investment talent rather than necessarily growing it in-house comes from Steven Spiegel, senior managing director at Putnam, and while much of the focus will be on