September 29, 2008
Putnam's Investment Chief Cronin Stepping Down
Kevin Cronin, head of investments at Putnam Investments for the past three years, tendered his resignation, effective Oct 1, for personal reasons, the firm said.
Many market observers noted that Cronin is leaving on the heels of the firm's announcement it would close a $12.3 billion institutional money market fund due to $200 million in redemptions in one day alone. Also, since Robert Reynolds came on board July 1 as chief executive officer, he has been scrutinizing the firm's investment products, top executives and organizational structure.
Until Putnam finds a replacement, the money market mutual fund portfolio managers who had reported to Cronin will now answer to Reynolds, while large-cap equity managers will be supervised by Managing Director David Calabro.
UMB Hires Tuszynski As Director of Distribution
UMB Fund Services has hired Bob Tuszynski as senior vice president and director of distribution services, including the new Total Distribution customer relationship management tool that helps funds pinpoint their most profitable financial intermediaries and ideal prospects. UMB also equips its clients with strategic and tactical marketing and other sales distribution support services.
"We are fortunate to have someone with Bob's experience and expertise to head up this important area," said John Zader, chief executive officer for UMB Fund Services. "Our clients will benefit from his ability to identify sales and marketing opportunities to help them grow assets under management."
Tuszynski comes to UMB Fund Services from CUNA Mutual Group, where be served for five years as vice president and product manager for mutual funds and managed accounts, as well as chief compliance officer. Before that, he spent more than 20 years with B.C. Ziegler in a variety of key executive positions, including chief executive officer, executive officer and director of North Track Funds.
Libbey Becomes President, Fidelity Charitable Fund
Sarah C. Libbey has been named president of the Fidelity Charitable Gift Fund, promoted from interim president of the fund since January. She first joined the Gift Fund in June 2007 as senior vice president of outreach and program development.
"For seven months, Sarah has steered the course of the Gift Fund," said Scott Bergeson, chairman of the fund's board of trustees. "During her short tenure, the Gift Fund has introduced innovative philanthropic programs and has reported strong interest from donors in contributing to thousands of charitable gift recipients."
Fidelity Charitable Gift Fund is the fourth-largest public charity in the U.S. From its inception in 1991 through June 30, it has donated more than $8 billion to more than 122,000 not-for-profit organizations.
Libbey has been with Fidelity since 1981 in a number of senior-level positions. She was director of the board for Fidelity Personal Trust Co., which provides reporting and administrative trust services. Earlier, she was senior vice president of Portfolio Advisory Services and senior vice president of product management and development at Fidelity Personal Investments.
L.A. Wealth Manager Hires Two Executives
Bel Air Investment Advisors, a Los Angeles wealth manager for individuals, families, trusts and foundations, has hired Michael B. Miller as a managing director and Josh Markman as a vice president. Miller was the founding partner of Miller Law. Markman was a vice president in fixed-income, equity and alternative investments at Goldman Sachs in Los Angeles.
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