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Friday, February 20, 2004

New Head of Massachussets Pension Fund

by: InvestmentWires Staff, 

Michael Travagliniwill take over the top post at the $32 billion Massachusetts state pension fund. The Putnam executive was one of 130 candidates, including others at major investment firms and experienced pension managers from other states who were interviewed in the nation-wide search conducted by Russell Reynolds Associates for a fee of $75,000.

Travaglini, brother of Staet Senate President Robert E. Travaglini, a Harvard graduate who once ran the city of Bostonís retirement fund. He will replace James Hearty, the fundís previous executive director who was forced out last summer, despite strong performance in 2003 when the fund returned 26.3 percent.

According to Reuters, the nine-member Pension Reserves Investment Board voted unanimously to appoint Travaglini as his successor.

Travaglini is currently vice president relationship manager in institutional business at Putnam.

In response to the loss, John Brown, senior managing director and head of institutional management at Putnam said that "state employees will be well served having someone as experienced and dedicated as Mike to oversee their retirement savings. He is a highly regarded and talented individual whose sense of public service is obvious and admirable." 

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