Donald H. Putnam, co-founder, chief executive officer and managing director at Putnam Lovell NBF said farewell to the investment bank on February 1.

While Jennifer Keese, marketing manager for investment bank declined to comment on Putnam's departure, Pensions & Investments reported that Putnam was at odds with management at Canadian parent National Bank Financial an issue dating back to when NBF bought the boutique i-bank.

According to P&I, Putnam and NBF butt heads over an escrow account that was set up during the acquisition.

Putnam will reportedly start another investment bank focusing on the asset management industry called Grail Partners. Keese said that Putnam Lovell was not anticipating any additional departures related to Putnam.

"NBF is still committed to Putnam Lovell," said Keese, adding that the bank has "a number of other business lines, as well [besides M&A]." Putnam worked primarily in M&A. The bank has not yet named a replacement for Putnam.  

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