Putnam Investments today announced that it has created a new
leadership structure to sustain high performance in its fixed
income investment operations and provide solutions for clients and
investors. Effective today, D. William Kohli, Michael V. Salm, and
Paul D. Scanlon — all industry veterans who have a combined 40+
years of experience at Putnam — will co-head the firm’s fixed
income team of over 60 investment professionals, who manage nearly
$60 billion.
Kohli, Salm, and Scanlon, who will report directly to Walter C.
Donovan, Chief Investment Officer, previously served as team
leaders for Portfolio Construction and Global Strategies, Liquid
Markets, and U.S. High Yield, respectively. Rob Bloemker, who has
led the firm’s fixed income team since late 2007, has decided to
leave Putnam Investments. Bloemker, who moved to the West Coast two
years ago with his family, has been operating as leader of the
fixed income team on a bicoastal basis. He will remain at Putnam
through a transition period.
“Over the years, Putnam has built a comprehensive fixed income
capability driven by an extraordinarily deep and talented team who
have worked together, in many cases, for well over ten years and
have produced consistently solid results for institutions, advisors
and shareholders,” said Robert L. Reynolds, president and chief
executive officer, Putnam Investments. He noted the “unusual
breadth of expertise” in areas such as investment-grade and
high-yield credit, liquid markets, structured credit,
emerging-market debt, money markets, portfolio construction and
tax-exempt securities.
“We expect our fixed income sector specialists, under the
leadership of Bill, Michael and Paul — and ultimately, CIO Walter
C. Donovan — to continue their superb, differentiating work, and
even further elevate Putnam’s presence in the marketplace,” added
Reynolds.
In discussing the new team structure, Donovan said, “We believe
that expanding the top leadership ranks of our fixed income
platform will allow each of its sector specialist teams to have
even greater focus, direction and strategic coordination, resulting
in even stronger offerings to clients as we move forward. I look
forward to working more closely with Bill, Michael and Paul, three
proven investment leaders, to take this critical part of our
business to the next level.”
Donovan explained that the Putnam fixed income investment group
has used a team-managed approach with regard to its array of
products, given the interdisciplinary expertise needed on many of
the more sophisticated solutions. Following the transition period,
portfolio management responsibilities previously undertaken by
Bloemker will be assumed by other members of the respective product
teams, including Kohli, Salm and Scanlon.
“Putnam Investments is grateful to Rob Bloemker for his many
contributions to the firm,” Donovan noted. “We wish him well in all
future endeavors and look forward to working with him during this
transition period.”
In commenting on his career at Putnam, Bloemker said, “It has
been an honor working with such an incredibly talented and
dedicated group of investment professionals. As I move forward with
the next chapter, I am confident that investors will continue to be
in superb hands when investing in fixed income with Putnam
Investments.”
Kohli, who has been in the investment industry for nearly 25
years, joined Putnam in 1994. He has been a team leader of the
Portfolio Construction Team within the Core Fixed Income group,
specializing in global and non-U.S. multi-sector mandates. Kohli is
also a portfolio manager of Putnam Global Income Trust, Putnam
Diversified Income Trust, Putnam Absolute Return 100 Fund, Putnam
Absolute Return 300 Fund, Putnam Premier Income Trust and Putnam
Master Intermediate Income Trust.
Earlier, Kohli held co-director, Global Bond Team and senior
portfolio manager roles at Franklin Advisors/Templeton Investment
Counsel. He has a B.A. degree from University of California, San
Diego, and an M.B.A. from University of California, Berkeley.
Salm, a nearly 20-year industry veteran, joined Putnam in 1997.
A team leader of the Liquid Markets group, he is also a portfolio
manager of Putnam Global Income Trust, Putnam U.S. Government
Income Trust, Putnam American Government Income Fund, Putnam Income
Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return
300 Fund.
Prior to arriving at Putnam, Salm held various investment,
trading and research responsibilities at BlackRock Financial
Management, Nomura Securities, Nikko Securities and Fitch Investor
Services. He has a B.S. degree from Cornell University.
Scanlon, who has nearly 25 years of investment industry
experience, joined Putnam in 1999. A team leader of the U.S. High
Yield Fixed Income group, he is also a portfolio manager on Putnam
Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam
Diversified Income Trust, Putnam Floating Rate Income Fund, Putnam
Global High Yield Bond Fund, Putnam High Yield Advantage Fund,
Putnam High Yield Trust, Putnam Master Intermediate Income Trust
and Putnam Premier Income Trust.
Before joining Putnam, Scanlon was senior vice president at
Olympus Health Care Group and senior analyst, fixed income at
Fidelity Investments. He began his career as assistant treasurer,
corporate finance at National Westminster Bank. Scanlon has a B.A.
from Colgate University and a M.B.A. from University of Chicago. He
is a CFA charterholder.
About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money
management firm with over 70 years of investment experience. The
firm was recently named “Mutual Fund Manager of the Year” by
Institutional Investor. At the end of January 2011, Putnam had $123
billion in assets under management, including mutual fund assets of
$68 billion and institutional assets of $55 billion. Putnam has
offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore
and Sydney. For more information, visit putnam.com.
Putnam mutual funds are distributed by Putnam Retail
Management.
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