June 23, 2008
Putnam Investments Selects Bob Reynolds as CEO
Putnam Investments has recruited Robert L. "Bob" Reynolds, former vice chairman of Fidelity Investments, as president and chief executive officer. He succeeds Charles E. "Ed" Haldeman, who plans to stay on board as chairman of Putnam Investment Management, LLC.
While this changing of the guards may seem odd in timing, Haldeman said he has been preparing for a transition ever since Montreal's Power Financial bought Putnam in early 2007.
While Haldeman acclimates himself to his new title and job, Reynolds, who had more than 23 years of experience at Fidelity, said he is prepared to take Putnam to the next level.
"Over the last 70 years, Putnam stood for excellence in money management," Reynolds said. "It has had ups and downs like every investment firm has, but it was and has been in a position to really take advantage of what's going to happen next in the money management business.
"I approach this job with one thought in mind, and that is winning," Reynolds added. Both changes in leadership take effect July 1.
Fidelity Investments Nabs Thomson Reuters' Wilens
Fidelity Investments has hired Michael Wilens, formerly a senior executive at Thomson Reuters, to head the mutual fund company's $1.5 trillion asset management division. In mid-July, Wilens will join Fidelity in the newly created position, overseeing Fidelity Management & Research Co., Pyramis Global Advisors and Strategic Advisers.
He will be a member of Fidelity's executive committee, reporting to Fidelity President Rodger Lawson.
"The appointment is significant because it is somebody who will be in charge of all three pieces, making sure they are on the same page," Christopher Davis, a fund analyst with Morningstar, told Reuters.
Benefits Start-Up Targets Teachers, Acquisitions
Two former CitiStreet executives plan to build a national benefits distribution platform providing tax-advantaged savings plans for teachers.
The firm they founded, U.S. Retirement Partners, focuses on 403(b) plan-eligible educators from kindergarten through 12th grade, said Mark Skinner, the Iselin, N.J., firm's president and chief executive.
U.S. Retirement Partners, which opened June 9, has bought three firms, using an initial investment of $10 million from Centre Partners, a New York and Los Angeles private equity firm. It is in talks with a dozen more acquisition targets.
Robert C. Dughi and Skinner are both veterans of the 403(b) and benefits industry. They led Copeland Cos., which specialized in the K-12, hospital, government and midsize 401(k) benefit markets, and stayed aboard after Citigroup's 2000 acquisition of the firm, which became part of CitiStreet.
Dughi retired from CitiStreet in 2005 and Skinner followed in 2006. Last month, Citi and State Street announced an agreement to sell CitiStreet to ING Group NV of the Netherlands for $900 million. The pair's one-time boss, Michael Carpenter, is one of U.S. Retirement Partners' financial backers.
Fidelity U.K. Recruits Prudential's Shaughnessy
Fidelity International has hired Gary Shaughnessy, formerly a managing director with M&G Investments and Prudential, as managing director of U.K. retail sales through wholesale and independent financial advisers, as well as the FundsNetwork platform. He reports to Robert Higginbotham, president of Fidelity Europe.
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