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Rating:Putnam May Plug Into New Sales Force in '08 Not Rated 2.5 Email Routing List Email & Route  Print Print
Monday, December 17, 2007

Putnam May Plug Into New Sales Force in '08

Reported by Erin Kello

Putnam may soon be looking to replace its sales force after a first set of options from the Power Financial deal vest in January next year.

Multiple industry sources told The MFWire that many members of Putnam's sales team are looking to leave the company when options they received in the Power deal vest in January. Two of those sources said that the departures will not be limited to the sales team but will also include management and portfolio managers.

A spokeswoman for Putnam told The MFWire that the company does not comment on speculation.

One big fish has jumped from Putnam recently. Josh Brooks, the chief investment officer for large-cap equities at at Putnam Investments, resigned in early December (see Large-Cap CIO Decamps Putnam," December 3, 2007).

Putnam has struggled with outflows from its funds since 2001, due to its involvement in the mutual fund market-timing scandals. According to FRC data, Putnam has had $120.726 billion in net AUM outflows since 2001. Although the pace of the outflows has slowed, this year the company saw $10.588 billion bleed from its funds.

Raymond McFeetors, the CEO of Power Financial's subsidiary, Great West, said late last month that the company is still looking for more U.S acquisitions (see "Great-West Hasn't Lost its Hunger for US Asset Management Shops," November 28, 2007). An industry consultant said this may be an opportunity for Great-West to merge Putnam funds into said company and do away with the tainted Putnam brand altogether.

Power paid $3.9 billion to acquire Putnam, in a deal that closed on August 3. Following the closing, Putnam laid off 75 employees in its distribution and support departments ( "Putnam Axes 75 Jobs," August 22, 2007).  

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