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Executive Moves

Putnam's Shadek to Lead New Small-Cap Division

Putnam Investments announced that CIO and small-cap value fund leader Edward Shadek will lead the firm's new small-cap division as it reorganizes some of its stock-picking units to try and regain the business it has lost as a result of the scandal.

In the move, Putnam, the Marsh & McLennan unit that has lost $63 billion in assets over the past year thanks to its tumultuous ride in the ongoing improper trading scandal, will eliminate its specialty growth group and push all its small-cap teams into one large unit. Currently, Putnam manages about $10 billion in small-cap funds, specializing in value, core and growth stocks.

Specialty growth group leaders Daniel Miller and Roland Gillis will retire.

"While we will maintain distinct style teams, we will now benefit from the synergies of small-cap research, execution and portfolio construction," said Steve Oristaglio, Putnam's head of investments.

In another shift, Putnam announced that mid-cap growth CIOs Paul Marrkand and Kevin Divney will now become portfolio "leaders" on the Putnam New Opportunities Fund.

Placemark Names Three New Sales Vice Presidents

Three experienced industry veterans, Charlie Anderson, Dru Ashcraft and Scott Egner, have been tapped by Placemark Investments as vice presidents of sales, the company announced.

Anderson, who will be in charge of the Central U.S., will work out of Dallas. While at Harris Bretall Sullivan & Smith, Anderson was responsible for creating the country's largest separately managed account business.

Ashcraft, a former mutual fund wholesaler for Federated Investors in Salt Lake City, Utah, will be responsible for Placemark's Southwest territory. Ashcraft's resume also includes time at Paine Webber as a financial adviser.

Egner, a 15-year industry veteran, will be charged with leading sales in the company's Northwest territory. He comes from Alliance Bernstein, where he served as a vice president and regional manager.

According to Placemark, all three will "drive adoption of the company's offerings to major financial institutions across the country."

AXA Recruits 17-Year Vet As New Chief Sales Officer

AXA Financial announced that 17-year industry veteran James Mullery will become its new chief sales officer. The move is pending approval by AXA's financial board later this month.

Mullery, who will be in charge of annuities and mutual funds in both the broker/dealer and bank/financial planning divisions, has worked for Smith Barney as an associate national sales manager and Lord Abbett & Co. as a fund wholesaler. He was also employed by Paine Webber as a director of investment solutions.

Touchstone Names Miller New York Vice President

Touchstone Investments has named Michael Miller regional vice president in New York. Miller, who most recently served as a vice president for Jersey City, N.J.-based Fred Alger & Co., will head up mutual fund marketing and sales in New York.

"Michael's impressive experience working with a broad base of financial advisers in the New York area makes him the ideal leader to expand our distribution in this region," said Touchstone President Jim Grifo.