hired Daniel Farrell
to head up equity trading. He started Tuesday and reports to Putnam president and CEO Bob Reynolds
on an interim basis, said Putnam spokeswoman Laura McNamara.
Farrell replaces Rich Block
, who is leaving Putnam at the end of the month.
Prior to joining Putnam, Farrell spent the past five years as vice president of equity trading at RiverSource Investments
. He earlier worked in a similar role at MFS Investment Management.
BOSTON, November 25, 2008 — Putnam Investments announced today that Daniel
C. Farrell has joined the company as its Head of Equity Trading.
"High-quality equity trading is vital to any asset manager, and Dan
Farrell’s decision to join Putnam brings a proven professional to this key
role," said Putnam President and Chief Executive Officer Robert L.
Reynolds. "Dan understands that close communication between trading and
portfolio management helps deliver superior investment results. And he
brings a wealth of experience and a wide range of strong relationships with
Wall Street that will benefit Putnam clients going forward. We are pleased
to welcome him."
Mr. Farrell, who has more than 15 years of institutional equity trading
experience, was Vice President Equity Trading since 2003 at RiverSource
Investments. Previously he was Vice President Equity Trading at MFS
Investment Management, rising to that position from Assistant Trader.
Farrell's hire continues Reynolds drive to improve Putnam’s equity
performance results and strengthen its investment unit generally. Since
Reynolds took the company’s helm in July, Putnam has hired a number of
veteran fund managers, bringing aboard Nick C. Thakore and Robert Ewing
from RiverSource to lead Large Cap Equity, and recruiting Gerard Sullivan
and Robert Brookby from American Century and David Calabro, formerly of MFS
to run large-cap core funds. Putnam has also hired six experienced senior
research analysts and plans more additions to its investment unit in coming
In addition, Reynolds last week announced a major restructuring of the company's equity investment unit, a renewed focus on individual fund manager accountability and a performance-linked compensation plan that ties
fund managers' bonuses to the results they deliver for clients.
"We are actively seeking the best investment talent in today's marketplace," Reynolds explains. "And we are building around them a culture of excellence, meritocracy – and results for clients. Markets as challenging as those we've seen in recent months open great opportunities for new vision and renewed growth. Putnam is moving to take advantage of them -- every day."
Putnam Investments is a leading global money management firm with over 70 years of investment experience. As of October 31, 2008, Putnam managed $116 billion in assets, of which $62 billion is for mutual fund investors and
$54 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.
Armie Margaret Lee
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