Bob Reynolds has at least one new non-'40 Act product planned for Putnam. Reuters reports that Reynolds wants the Boston-based fund firm to offer hedge fund portfolios within six to twelve months.

Reynolds, who launched absolute return mutual funds this year (see MFWire, 1/13/2009), reportedly revealed his hedge fund ambitions on Friday at a conference at Boston College.

"It is a business we would like to get into," Reynolds reportedly said.

The move also meshes with Reynolds' hiring earlier this year of David Glancy, founder of the hedge fund firm Andover Capital Advisors (see MFWire, 2/19/2009 and 5/18/2009). 

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