(Reuters) Putnam Investments has placed a large, concentrated bet that struggling U.S. shopping malls can transform themselves even as key tenants shut stores or file for bankruptcy. So far, it is winning – to the chagrin of hedge funds like Alder Hill Management LP that are on the other side of the bet. Putnam, a Boston-based mutual fund firm, holds more than $1 billion worth of derivatives tied to mortgages on shopping malls, office buildings and hotels, according to interviews and filings analyzed by Reuters.
Putnam Stares Down Hedge Funds on Big Shopping Mall Bet
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