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Thursday, October 09, 2008

Reynolds Taps Fidelity Alum for Putnam Post

Reported by Erin Kello

Bob Reynolds has made his first big hire at Putnam Investments since taking the helm of the Boston fund firm three months ago. Reynolds hired Fidelity alum Jeff Carney, 46, away from Bank of America for the role of senior managing director and head of global marketing and products. Carney starts at Putnam October 27.

Jeffrey Carney
senior managing director and head of global marketing and products
Carney's position is new, Putnam spokeswoman Laura McNamara told The MFWire. Carney will will be responsible for Putnam’s defined contribution business, global product management, public and government relations, global marketing, and marketing communications.

Bob Reynolds
Putnam Investments
president and CEO

Most recently, Carney was president of retirement and global wealth & investment management client solutions at Bank of America.

Reynolds and Carney worked together at Fidelity when Carney was the head of the DC recordkeeping business and he was vice chairman and chief operating officer of Fidelity Investments.

Is Carney's hire the beginning of a new Fidelity, BofA to Putnam talent pipeline? On the Boston fund company scene, executives often shuffle between BofA and Fidelity. With Reynolds helming Putnam, the pipeline may begin to take more talent his way as he works to make Putnam a major player in the fund industry once again.

An industry insider told The MFWire that after Reynolds' first 60 days as Putnam chief, he would begin implementing his plans.

Another change Reynolds made in the company was to implement a dress code. He banished business casual in favor of a more traditional dress code (see The MFWire September 3, 2008).

Company Press Release

BOSTON, October 9, 2008 – Putnam Investments has named Jeffrey R. Carney, age 46, Senior Managing Director and Head of Global Marketing and Products, it was announced today by Putnam’s President and CEO Robert L. Reynolds. The appointment is effective on October 27.

“This new role at Putnam acknowledges the outstanding opportunities we see for Putnam’s products and services in the global marketplace,” said Mr. Reynolds, “and the need to augment our organization with a world-class, senior marketing executive.”

Mr. Carney joins Putnam from Bank of America where he had been president, Bank of America Retirement and Global Wealth & Investment Management Client Solutions.

“Jeff is renowned in our industry for his innovative leadership in strategy and marketing in the retirement and investment services businesses,” said Mr. Reynolds.

In this new role for Putnam reporting to Mr. Reynolds, Mr. Carney will be responsible for Putnam’s Defined Contribution Business, Global Product Management, Public and Government Relations, Global Marketing, and Marketing Communications.

Mr. William T. Connolly, Senior Managing Director, Head of Global Distribution, a nine-year Putnam veteran, continues reporting to Mr. Reynolds, responsible for Global Distribution. He is optimally positioned in this new organizational structure to drive Putnam’s mutual fund and institutional businesses, globally, and his work will be enhanced by Putnam’s newly intensified strategic marketing function.

“The prospective close working partnership of Bill and Jeff offers an unprecedented opportunity for us to optimize the current and future Putnam marketing and distribution platform,” said Mr. Reynolds. “I am personally excited about working with both of these executives on our strategy for the next chapter for Putnam.”

Before joining Bank of America, Mr. Carney, who has over 20 years of financial services experience, was president of Fidelity Retirement Services. Prior to this role, he had served as president, Fidelity Personal Investments since 2002. He joined Fidelity in April 2001 as president, Fidelity Investments Canada. Beginning in 1992, Mr. Carney held senior-level positions for Toronto Dominion Bank in Toronto.

Mr. Carney, a chartered financial analyst, is a graduate of Queens University in Kingston, Ontario.

About Putnam

Putnam Investments is a leading global money management firm with over 70 years of investment experience. At the end of September 2008, Putnam managed $137 billion in assets, of which $74 billion is for mutual fund investors and $63 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.

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