by our sister publication The 401kWire
, Bob Reynolds
and his team at Putnam Investments have brought on board alums from John Hancock and Fidelity for senior posts in the defined contribution business.
Former Hancock executive Jim Brockelman
joins as head of DC advisor sales, reporting to Edmund Murphy, head of DC. Brockelman assumes his new role from Ben Lewis, who will now focus on the firm's large- to mega-sized plan business.
Additionally, Putnam hired Michael MacWade from Fidelity to help the firm's relationship management, client service and operations efforts, with special emphasis on supporting mid-to-large and mega-plans.
Murphy told The 401kWire
that the firm is also looking to expand its efforts in the I-O space, which is currently headed by Peter Whitman, by bringing on board additional wholesalers in the fourth quarter.
Company Press Release
PUTNAM INVESTMENTS DEFINED CONTRIBUTION ANNOUNCES KEY LEADERSHIP POSITIONS Firm to Strengthen Focus on Mid- to Large- DC Plan Segments, Investment Only Market
BOSTON, October 19, 2010 - Putnam Investments today named three executives to key senior roles in its Defined Contribution business, all tasked to help the firm reach new levels in its ongoing retirement organization build-out.
Jim Brockelman, a 25 year industry veteran, who joins the firm from John Hancock, has been appointed head of defined contribution advisor sales, reporting to Edmund F. Murphy, III, Managing Director, Head of Defined Contribution, Putnam Investments. Brockelman has extensive experience in advisor distribution, having served most recently as EVP of National Sales and earlier had spent nearly fifteen years at Putnam in the defined contribution distribution area.
Brockelman assumes his new role from Ben Lewis, who will now lead a strengthened effort to build the firm's large- to mega-sized plan business. Lewis, who will continue to report to Murphy, will bring added focus to the firm's work with consultants in the larger plan market segments and strengthen overall distribution capabilities in this area. Murphy indicated that building the firm's offering to the mid, large and mega markets segments, and its overall advisor distribution efforts, as well as bolstering its relationship management practices, are critical steps in helping to catapult Putnam to greater industry leadership for years to come.
Additionally, Putnam announced the hiring of Michael MacWade, who brings over 20 years experience in relationship management, client service and operations at Fidelity Investments. MacWade will assume responsibility for the relationship management function across the defined contribution business, with special emphasis on supporting mid-, large- and mega-plans. MacWade will also report directly to Murphy.
Murphy noted that another major strategic focus of the firm's defined contribution business will be to continue to expand efforts in the investment only area, which Peter Whitman continues to lead for Putnam. "In identifying the key growth areas for our defined contribution business going forward, we see tremendous upside potential in providing investment only solutions to the marketplace. We expect to further strengthen our capabilities in this realm in the months ahead," explained Murphy.
"Putnam has made enormous strides in reestablishing its presence in the DC marketplace through bringing innovative solutions, powerful educational tools and a new brand of thinking to advisors and their clients," said Murphy. "As we strive towards our goal of being an industry leader and re-defining the way plan sponsors and participants view retirement savings, we anticipate that these three accomplished leaders will play a significant role in this effort."
The appointment of these three key personnel follows Putnam's announced intention to shortly launch its industry-leading defined contribution participant website, which will provide retirement investors with heightened levels of transparency on all aspects of their 401(k) plan. In May, Putnam announced new disclosures for the plan sponsors that it serves, covering all fees charged: investment management, servicing (including advisory fees), and recordkeeping.
Putnam's Commitment to the Retirement Market Since Robert L. Reynolds, a 30-year veteran of the retirement savings industry, became Putnam's president and chief executive officer in 2008, the company has deepened its commitment to the retirement market and launched a series of innovations and initiatives to meet emerging customer needs. This year, Putnam has launched a series of retirement initiatives, including a Lifetime Income SM Analysis Tool for plan participants, and new levels of fee transparency disclosures in its effort to provide the clearest, most complete overview of fees and expenses in the workplace savings industry.
Putnam also has expanded the services it offers to 401(k) retirement plans and developed products to meet the needs of those planning for or already in retirement. The firm has created a platform that provides flexible and scalable services and solutions for advisors, consultants, and their plan sponsor clients in every segment of the retirement market.
Putnam RetirementReady ® Funds , the firm's suite of 10 target-date/lifecycle retirement funds, added Absolute Return Funds * to its mix of underlying investments. RetirementReady Funds became the only suite of lifecycle funds to integrate absolute return strategies, which seek positive returns over a period of three years with less volatility than more traditional mutual funds. Employed in retirement portfolios, Putnam Absolute Return Funds are intended to pursue positive returns in up and down markets, to protect against the harmful effects of adverse investment returns, and to reduce volatility, particularly for investors in or near retirement.
About Putnam Investments Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. The firm was recently named "Mutual Fund Manager of the Year" by Institutional Investor . At the end of September 2010, Putnam had $120 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore, and Sydney. For more information, visit putnam.com .
Putnam mutual funds are distributed by Putnam Retail Management.
Putnam's target Absolute Return Funds are not intended to outperform stocks and bonds during strong market rallies.
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