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Tuesday, April 14, 2009

The Globe Wonders Why Execs Join Reynolds' 'Little Fidelity'

by: Neil Anderson, Managing Editor

Why have so many high-level ex-Fidelity execs joined Bob Reynolds' new team at Putnam. The Boston Globe's Steven Syre takes on that question in his Tuesday column and in an interview with Reynolds himself.

"We want to build the best investment organization possible and deliver performance," Reynolds told the Globe. "The growth and profitability take of itself at that point."

"That's his basic executive recruiting pitch," Syre writes. "Get in on the ground floor and it could be the most rewarding five or 10 years of your career."

Reynolds also told Syre that, while acquisitions could be possible for Putnam, he remains mostly skeptical of deals (as does Fidelity, incidentally).

"It would be foolish to say we are not going to acquire anyone at any time," Reynolds said. "If the right opportunity presented itself and it was a good fit, we'd be open to it. But it's very hard, in my 30-plus years, to point to an acquisition that has really worked well for both sides."

Syre's column follows the recent jump of Fidelity equity division chief Walter Donovan to Putnam, where he will serve as chief investment officer (see MFWire, 4/10/2009). 

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