Putnam Investments continues to hemorrhage employees. Last week cross-town rival FleetBoston hired Colin Moore to oversee its 40 employee, $70 billion equity analyst group in its Columbia Management Group.

Moore was the lead portfolio manager on two Putnam mutual funds. The Putnam International Growth & Income Fund will continue be team managed and the Putnam Global Growth & Income Fund will be merged into the Global Growth Fund later this month, a spokesperson told the MutualFundWire.com.

All together, Moore led a team of 34 analysts and portfolio managers and oversaw $3 billion in global value assets. He held the titles of managing director, chief investment officer and associate director of research.

Moore left Putnam prior to the Labor Day holiday, according to a report in the Boston Globe. His stint at Putnam lasted less than two years.

Keith Banks, chief executive of Columbia Management, told the paper that Moore is a "very significant hire." That hire is also one of the last for the bank's management team.

Banks added that Columbia expects to hire another five analysts for the group which is located in Boston and New York.  

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