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