The Fidelity alumni association within Putnam Investments is growing bigger. Putnam CEO Bob Reynolds, himself a Fidelity alum, hired Clare Richer and Andra Bolotin as chief financial officer and controller, respectively.
The two are the latest executives with Fidelity backgrounds to make the move to Putnam. Others include Jeff Carney and portfolio managers Nick Thakore and Robert Ewing.
Richer spent 25 years at Fidelity, most recently executive vice president at Fidelity Management Company.
Bolotin, who will report to Richer, was most recently senior vice president
and CFO of the developing business group and CFO of Fidelity HR Services.
Fidelity spokesman Vin Loporchio told The MFWire that Richer's duties have been assumed by other individuals at the firm.
She was recently focused on a project that concluded this past summer, according to Loporchio.
Meanwhile, Dave Golino has taken over Bolotin's duties on an interim basis.
Company Press Release
BOSTON, Mass., December 2, 2008 — Putnam Investments announced today that
two seasoned financial business leaders, Clare Richer and Andra Bolotin,
are joining the firm as Senior Managing Director and Chief Financial
Officer, and Managing Director and Controller, respectively.
"We are very pleased to add such experienced, top-quality leaders to our
management group at Putnam," said the company's President and CEO Robert L.
Reynolds. "I have known and worked with Clare and Andra for many years.
Individually, and as a team, they bring us exceptional analytic and
strategic skills."
"Clare will give us not only clear, actionable analysis of our financials,
but fresh insights to shape our strategy for growing the company," said Mr.
Reynolds. "Her deep knowledge of both asset management and the defined
contribution business will add enormous value in the next phase of Putnam's
evolution."
Ms. Richer brings more than 25 years experience at Fidelity Investments,
where she held a series of key positions, including Chief Financial Officer
from 2005 to 2007. Most recently, she served as Executive Vice President of
Fidelity Management & Research Company. Earlier, she served as President of
Fidelity Investments Life Insurance Company and as Chief of Investment
Operations, Fidelity Management & Research Company. "Clare has broad, deep
experience in businesses that will be central to Putnam's future," Mr.
Reynolds said.
Ms. Bolotin, who will report to Richer, was most recently Senior Vice
President and CFO, Developing Business Group and CFO of Fidelity HR
Services. Previously, she rose through a series of executive roles with
Polaroid Corporation to become that company's Treasurer. She began her
career at IBM and McKinsey & Company from 1994 through 1997 and held a
variety of executive roles at those companies. "Andra brings a management
consultant’s strategy focus along with a strong grasp of asset management
business’ financials." Reynolds noted. "She and Clare form a great team for
us."
The new hires continue Reynolds' efforts to strengthen Putnam's top
management and the results produced by its investment unit. Earlier this
month, Putnam recruited Jeffrey R. Carney, previously President of Bank of
America's Retirement and Global Wealth and Investment Client Solutions
Group, to head its global marketing and product development. Recently,
Reynolds announced a major restructuring of the company's equity investment
unit, a renewed focus on individual fund manager accountability and a
performance-linked compensation plan that ties fund managers’ bonuses to
the results they deliver for clients.
"We are building a new leadership team here at Putnam," Mr. Reynolds says. "And we are also building a culture of excellence, meritocracy and results
for clients. Challenging markets like those we’ve seen recently, create
opportunities to develop fresh vision and find the leaders who will execute
on it. That’s exactly what we’re doing."
About Putnam
Putnam Investments is a leading global money management firm with over 70
years of investment experience. As of November 30, 2008, Putnam managed
$106 billion in assets, of which $56 billion is for mutual fund investors
and $50 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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