March 8, 2004
Browchuk Named Head of Putnam DC Servicing Unit
Putnam Investments has named Brett Browchuk head of its defined contributions servicing unit. Browchuk, currently the head of operations services and investment operations, will serve in the dual roles with the firm.
He replaces Virginia Papa, who was let go, along with three other employees, following the recent discovery of "operational errors" made back in 2001. Putnam found the mistakes, which had nothing to do with market timing, as part of its compliance monitoring initiatives.
Additionally, Papa's superior, Karnig Durgarian, chief of operations for Putnam's investor services unit, is out. Steven Krichmar, head of global operations services, will fill the role vacated by Durgarian, on an interim basis. A Putnam spokeswoman said the firm has commenced a search for a permanent replacement.
The other two employees that are gone were mid-level personnel. Putnam did not release their names.
Fido Tabs Three New PMs
Fidelity Investments has reshuffled its portfolio management team for three of its Select funds.
Heather Lawerence has succeeded Peter Hirsch as manager of the $476 million Fidelity Select Banking Portfolio. Previously, Lawerence ran the $40 million Fidelity Select Transportation fund. Christopher Bartel took over the reins for Alex Sacerdote at the Fidelity Select Defense and Aerospace fund, a no-load offering with $336 million in assets under management.
Elsewhere, Anna Mehra has replaced Robert Bao as manager of the firm's $32 million Select Automotive Portfolio. He will continue to manage Fidelity Select Paper and Forest Products. Prior to joining Fidelity in 2002, Mehra was a pension-consulting actuary at Towers Perrin, a human resources consulting firm in Houston.
Fidelity did not return calls seeking comment about Hirsch, Sacerdote and Bao.
Voss Appointed Chair of CDC IXIS Executive Board
CDC IXIS Asset Management has named Peter S. Voss chairman of its executive board. Voss will replace Daniel Roy and will also continue to oversee the group's North America operations.
Voss has co-managed CDC IXIS Asset Management with Roy since the acquisition of Nvest in 2000, and has played a key role in developing long-term growth strategies for the firm. Voss joined Nvest in 1992 and was formerly a group executive vice president at the Bank of America. There, he headed up the bank's U.S. and international investment management and private banking business.
Voss will be joined on the executive board by Jean-Paul Marchetti and Jacques Ollivier. Marchetti is a former board member and head of finance at CNP Assurances. Ollivier is from Caisse des Depots, where he served as the director of finance for the Direction des Fonds d'Epargne.
"As a federal organization, CDC IXIS Asset Management's strength lies in its lineup of affiliated investment management firms, each with diverse investment styles and client bases," said Voss, in a statement.
"We offer a broad range of products across asset classes and will continue to draw upon the expertise of our affiliates to develop quality investment products and increase distribution in France, the U.S. and other select markets throughout Europe and the world," he continued.
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