As the markets have recovered over the past year from the turmoil of 2008, Bob Reynolds has eliminated Putnam's operating loss. On Thursday Putnam's Canadian parent, Great-West Lifeco (itself a subsidiary of Power Financial) reported that the mutual fund firm's pre-tax operating margin climbed a 31.4 percent loss in the first quarter of 2009 to a zero percent operating margin in Q1 2010.

Bob Reynolds Putnam Investments CEO

Over the same period, Putnam's expenses climbed to $204 million in Q1 2010 from $188 million in Q1 2009. And its fee income rose by 36 percent, thanks to a 41 percent rise in investment management fees, from $97 million in Q1 2009 to $137 million in Q1 2010.

Putnam's mutual fund assets under management climbed 33.8 percent from $48.5 billion in Q1 2009 to $64.9 million in Q1 2010. Overall AUM rose from $98.6 billion to $118.4 billion. 

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