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Tuesday, November 25, 2008

Putnam Taps a New Head of Equity Trading

News summary by MFWire's editors

Putnam Investments 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 months.

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."

About Putnam

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.

Edited by: Armie Margaret Lee

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