The changes are continuing at Putnam Investments
. This time the change is in the fund firm's distribution arm and was prompted by the resignation of a senior managing director.
, senior managing director and head of Institutional Management, will be resigning from Putnam at the end of June, confirmed a spokesperson for Putnam. The spokesperson added that Brown's departure is unrelated to recent regulatory issues at Putnam.
Word of his decision to leave the fund firm was circulated to employees in an email from Charles "Ed" Haldeman
, president and CEO. According to the Haldeman memo, Brown is resigning to "pursue personal interests and more focused time with his family."
Haldeman added that Brown's resignation provided a "unique opportunity to take a fresh look at the Distribution groups" at Putnam and allowed him to "expand the responsibilities of other talented executives."
Rather than replacing Brown directly, Putnam is folding the existing three distribution arms into two businesses. Until know, Putnam organized distribution into Retail under the leadership of Rich Monaghan, Institutional headed by Brown and International under John Boneparth groups.
Going forward, Putnam is putting Monaghan in charge of Domestic and Offshore Retail Management and Shareholder Communications. Meanwhile, John Boneparth will assume responsibility for Domestic and International Institutional business and International Alliances. Brown will not be replaced.
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