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Putnam Takes Team Approach to Fixed Income

Putnam Investments has created a new leadership structure for its fixed income investment operations. D. William Kohli, Michael V. Salm and Paul D. Scanlon, are now co-heads the firm's fixed income team of over 60 investment professionals, who manage nearly $60 billion in assets.

Kohli, Salm, and Scanlon, who will report directly to Walter C. Donovan, Putnam's chief investment officer, previously were team leaders for portfolio construction and global strategies, liquid markets, and U.S. high yield, respectively.

They replace Rob Bloemker, who has led Putnam's fixed income team since late 2007. He has decided to leave Putnam. Bloemker, who moved to the West Coast two years ago with his family, has been operating as leader of the fixed income team on a bicoastal basis. He will remain at Putnam through a transition period.

Kohli, who has been in the investment industry for nearly 25 years, has worked for Putnam since 1994. He has been a leader of the portfolio construction team within the core fixed income group, specializing in global and non-U.S. multi-sector mandates. Kohli is also a portfolio manager of Putnam Global Income Trust, Putnam Diversified Income Trust, Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Premier Income Trust and Putnam Master Intermediate Income Trust.

Before joining Putnam, Kohli was co-director of the global bond team and a senior portfolio manager at Franklin Advisors/Templeton Investment Counsel.

Salm, a nearly 20-year industry veteran, has worked at Putnam since 1997. A team leader of the liquid markets group, he is also a portfolio manager of Putnam Global Income Trust, Putnam U.S. Government Income Trust, Putnam American Government Income Fund, Putnam Income Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund.

Prior to arriving at Putnam, Salm held various investment, trading and research responsibilities at BlackRock Financial Management, Nomura Securities, Nikko Securities and Fitch Investor Services.

Scanlon, who has nearly 25 years of investment industry experience, joined Putnam in 1999. A team leader of the U.S. high yield fixed income group, he is also a portfolio manager on Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Diversified Income Trust, Putnam Floating Rate Income Fund, Putnam Global High Yield Bond Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust.

Before joining Putnam, Scanlon was a senior vice president at Olympus Health Care Group and senior analyst, fixed income at Fidelity Investments.


UBS Wealth Taps Friedman For Chief Investment Role

UBS Wealth Management has expanded its executive team with the hiring of Alexander S. Friedman as chief investment officer.

Friedman, a former chief financial officer of the Bill and Melinda Gates Foundation, began his role on March 1 and now reports to UBS Wealth Management Chief Executive Jurg Zeltner.

Friedman most recently managed private investment company Assymetry LLC, after leaving the Gates Foundation in March 2010. He has served as senior adviser to investment bank Lazard and senior adviser to the board of directors of emerging markets private equity firm Actis.

At the same time, UBS has added new staff to serve on Friedman's team including Mona Sutphen, previously White House Deputy Chief of Staff for Policy to President Barack Obama, and Mark Haefele, an alternative investment asset manager formerly at Boston-based hedge fund Sonic Funds.

As chief investment officer, Friedman will lead global investment strategy and policy, while also working with UBS' global asset management and investment bank businesses. Sutphen will lead macro analysis, while Haefele will lead investment analysis.


David Named T. Rowe Head of U.S. Distribution

T. Rowe Price has named Scott B. David director of third-party distribution, charged with overseeing distribution, sales and marketing and expanding and deepening the company's relationships with financial intermediaries in the U.S.

David comes to T. Rowe Price from Fidelity Institutional Retirement Services, where he was president. Previously, he was general manager, responsible for strategic direction, client satisfaction and employee engagement across multiple offices.

Before his seven years at Fidelity, David was president of U.S. retirement services at Deutsche Asset Management/Scudder Investments.

"We are pleased to welcome Scott and believe that his client-focused orientation, managerial skills, collaborative style and strategic vision will be great assets to our clients and our firm," said T. Rowe Price Vice Chairman Edward C. Bernard. "Scott's successful leadership record and deep industry knowledge will further strengthen our intermediary distribution efforts in the U.S. and empower our talented associates to continue serving our clients at the highest level."

David succeeds John H. Cammack, who retired after an 18-year career with T. RowePrice.