Putnam Investments has hired two new managing directors at its retail sales division, William Connolly and Jane Mancini.

Connolly, previously managing director for fixed-income sales at Merrill Lynch, has been named a managing director and national sales manager. He will be responsible for all of Putnam's sales and marketing through banks, financial advisors, and broker-dealers. Connolly will report to Richard A. Monaghan, managing director and head of Putnam Mutual Funds.

"Bill has had outstanding success in developing a sales organization and building sales relationships," Said Thomas J. Lucey, senior managing director and head of retail and institutional business. "We feel fortunate that Bill joins Putnam at a time as we are increasingly emphasizing client services and adding to our sales organization."

Mancini, who had been president of SunLife of Canada Distributors, has been named managing director and head of Putnam's insurance products division, also reporting to Monaghan. She will be responsible for sales marketing, business development and strategic relationships for all insurance products, including variable annuities.

Putnam, which recently announced an alliance with Allstate to develop and sell variable insurance products, is expected to offer its first product in May.

"Jane has the experience and market knowledge necessary to help Putnam build on our leadership in the variable insurance area," said Monaghan.

Vincent Esposito, previously national sales manager, will now be head of client relationships for Putnam Mutual funds, and continue to report to Monaghan. 

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