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Rating:Reynolds Lures Two More Fidelity Alums to Putnam Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 21, 2008

Reynolds Lures Two More Fidelity Alums to Putnam

Reported by Armie Margaret Lee

Bob Reynolds continues to attract Fidelity alums to Putnam Investments. Fresh from tapping Jeff Carney to head up global marketing and products (see The MFWire, October 9, 2008), Putnam hired Nick Thakore and Robert Ewing as managing directors and portfolio managers in the large cap equities team.

"While others in the industry are cutting back, we see today's very challenging market environment as an opportunity to rebuild and revitalize," Reynolds said.

Reynolds said he has known Thakore and Ewing for more than 15 years, calling them "exceptionally talented investment professionals who will bring new energy and insight to our large cap equity team."

Putnam has been on a hiring spree these past few months. Besides Carney, other new faces at the firm include portfolio managers Gerard Sullivan and Robert Brookby from American Century (see The MFWire, June 12, 2008) and David Calaboro, previously with MFS. Putnam also brought on board seven senior research analysts, and plans to hire several more by the end of the year.

Both Thakore and Ewing are joining Putnam from RiverSource Investments and both have Fidelity roots. Before he went to RiverSource in 2002, Thakore, 41, spent nine years at Fidelity. Ewing, 40, joined RiverSource the same year following a 10-year stint at Fidelity.

RiverSource has yet to announce replacements for Thakore and Ewing. "Investors and advisors can be confident that the RiverSource funds and strategies managed by Bob Ewing and Nick Thakore will be reassigned to highly-regarded fund managers," RiverSource spokesman Ryan Lund said in an e-mailed statement to The MFWire, adding that a more detailed announcement is forthcoming.

The two will start at Putnam on November 3.

Thakore will become portfolio manager of the Putnam Voyager Fund and Ewing will take the helm of the Putnam Fund for Growth and Income.

Putnam’s global asset allocation team, which runs the Voyager fund, will refocus on the company's asset allocation funds. Eric Harthun, portfolio leader for the Growth and Income fund, will return to managing the Putnam Small Cap Value Fund.


Company Press Release

BOSTON, October 21, 2008 —Putnam Investments announced today that two distinguished equity fund managers, Nick C. Thakore, 41, and Robert D. Ewing, 40, will join the firm as Managing Directors and Portfolio Managers of Putnam’s Large Cap Equities Team. "I am excited to welcome these veteran managers aboard," said Putnam President and Chief Executive Officer Robert L. Reynolds. "I have known Nick and Bob for more than 15 years. They are exceptionally talented investment professionals who will bring new energy and insight to our large cap equity team."

In addition to their roles as large cap equity team leaders, Mr. Thakore becomes Portfolio Manager for the Putnam Voyager Fund while Mr. Ewing becomes Portfolio Manager for the Putnam Fund for Growth and Income, two of Putnam’s flagship funds. "Large cap equities, clearly, are vital to most investors’ core portfolios, and Nick and Bob bring the experience we need to excel in that category," said Mr. Reynolds.

The move builds upon recent efforts by Putnam to strengthen its investment team. In the past few months, Putnam has bolstered its team through the hires of Gerard Sullivan and Robert Brookby from American Century and David Calabro, formerly of MFS. Putnam has also hired seven experienced senior research analysts to strengthen its investment team and plans to add several more by year's end.

Earlier this month, Putnam also announced the hiring of Jeffrey R. Carney to head its global marketing and product development. Most recently, Carney served as President of Bank of America’s Retirement and Global Wealth and Investment Client Solutions Group. Prior to that, he was the head of Fidelity Investments Retirement Services unit.

“We are rebuilding the equity investment business at Putnam, and we’re already seeing dramatic strides in enhancing the level of talent, improving the quality of research and strengthening performance,” said Mr. Reynolds, who became Putnam’s President and CEO on July 1, 2008. “While others in the industry are cutting back, we see today’s very challenging market environment as an opportunity to rebuild and revitalize.”

Eric Harthun, who had been Portfolio Leader for the Putnam Fund for Growth and Income, will return to his core expertise managing the Putnam Small Cap Value Fund, led by Edward T. Shadek. Putnam’s Global Asset Allocation team, led by Jeff Knight, which had managed the Putnam Voyager Fund, will now re-focus on Putnam’s suite of asset allocation funds.

Mr. Thakore and Mr. Ewing join Putnam from RiverSource Investments (formerly American Express Funds), where they developed an innovative approach to research and managed several of RiverSource’s large-cap equity funds. Prior to joining RiverSource in April 2002, both had strong records of investment achievement at Fidelity Investments.

Mr. Thakore joined RiverSource in 2002, and his primary investment vehicle there was the large cap RiverSource Growth Fund. Prior to that, he served nine years at Fidelity, starting as an equity analyst with increasing responsibilities managing sector funds and as an assistant on the Magellan Fund under Jeff Vinik and, later, Robert Stansky. He later managed the Fidelity Trend Fund beginning in 1998 and was named manager of the Fidelity Fund in 2000. He received an M.B.A. from the Wharton School at the University of Pennsylvania.

Mr. Ewing, who also joined RiverSource in 2002, managed the equity portion of the RiverSource Balanced Fund and the RiverSource Large Cap Value Fund. Prior to that, he worked at Fidelity Investments, where he started in 1990 as an equity analyst. He become an assistant on the Magellan Fund under Morris Smith and managed several sector funds. He was named Portfolio Manager of The Fidelity Balanced Fund in 2000. Mr. Ewing, who holds the Chartered Financial Analyst designation, received a B.S. degree from Boston College’s Carroll School of Management.

Mr. Thakore and Mr. Ewing will start at Putnam on November 3, 2008.

About Putnam

Putnam Investments is a leading global money management firm with over 70 years of investment experience. As of September 30, 2008, Putnam managed $137 billion in assets, of which $74 billion is for mutual fund investors and $63 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.
 

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