is filling out the ranks of Putnam Investments [see profile]
retail mutual fund sales force. And, while his team will have more members, it is not necessarily expanding its footprint. InvestmentNews
that the firm has added six new external retail mutual fund wholesalers to its sales force, and expects to have 60 by the end of the year.
But the firm is looking to use the new additions to bolster its existing relationships with banks, registered investment advisers and broker-dealers through than expanding into new distribution channels. The firm has also reportedly ramped up its webinars to attract advisers to its online content.
Connolly, global head of distribution for retail and institutional sales at Putnam, told the pub that the new hires "allows us to segment the market from a campaign and firm standpoint, so that the top advisers can be touched by Putnam in a way that suits them.”
Analyst Rob Wherry of Morningstar Inc. suggested that Putnam's new hires can reach between 600-1,200 new advisers. “There's a lot of anticipation that if the market recovers, a lot of cash on the sidelines will be put back to use, and the fund companies want to be on the receiving end,” he said.
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