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Saturday, June 12, 1999

PanAgora Key Executives Leaving Firm

Reported by Jason Shank

Two key executives of PanAgora Asset Management Inc., the 10-year old company owned by Putnam Investments and Nippon Life are leaving the firm the company announced today, reportedly to form their own fund management company.

Bruce E. Clarke will depart the firm and be replaced by William J. Poutsiaka as president and chief executive officer, effective June 16. Poutsiaka will leave his current position as president and chief executive officer of Waltham, Massachusetts-based Arkwright Mutual Insurance Company.

Also departing PanAgora is chief investment officer Peter Rathjens. Both Clarke and Rathjens will remain with the firm for a transitional period as consultants to PanAgora.

Edgar E. Peters, the firm's chief investment strategist, will step into the position of chief investment officer. Peters has been with PanAgora since its inception.

PanAgora is an investment firm based in Boston specializing in global investments and asset allocation products for institutional clients. DG PanAgora provides structured investment productsto institutional investors in Europe and now manages more than $2 billion. In total, PanAgora manages $17 billion worldwide. 

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