Putnam Investments CEO Bob Reynolds (L) and Cliffwater Managing Director Tom Lynch (C) participate in a panel discussion entitled "Investment Vehicles: Who Should Be Regulated & How?" at the 2009 Center for Asset Management Conference at Boston College in Newton, Massachusetts June 5, 2009. Putnam Investments, a mutual fund company, plans to offer hedge fund portfolios in the next six to 12 months, chief executive officer Robert Reynolds said on Friday. REUTERS/Brian Snyder (UNITED STATES BUSINESS)