Putnam names ex-Fidelity exec president

Putnam Investments of Boston announced today that Robert L. Reynolds, a veteran of Fidelity Investments, has been named president and chief executive officer.
Charles E. Haldeman, current president and chief executive, has been named chairman of Putnam Investment Management LLC.
Both appointments are effective July 1.
Mr. Reynolds had been at Fidelity Investments of Boston since 1984. From 2000 to 2007, he was vice chairman and chief operating officer.
Before that, he was president of Fidelity Investments Institutional Retirement Group.
He also held various other senior management positions at the firm.
He left Fidelity in June 2007.
In a press conference today, Mr. Reynolds acknowledged the advantage of his institutional experience at Fidelity, particularly his work in starting the firm’s 401(k) business.
“I think it’s an advantage that Fidelity competed in many different markets,” he said.
“It also gave me a look at what’s happening in the marketplace going forward,” Mr. Reynolds said. “It’s an advantage on knowing what it takes to compete in this area. We want to be a player in defined contribution.”
Troubled by declining assets and outflows, particularly from its equity funds, Putnam has added new portfolio managers in recent months.
“I approach this job with one thought in mind and that’s winning,” Mr. Reynolds said. “We’re going to have to have the best team on the field.”
Mr. Reynolds said that Putnam will likely introduce additional products over the next six months.
Mr. Haldeman, 59, joined Putnam in 2002.
He served as co-head of the firm’s investment division and was named president and chief executive in November 2003.
Before joining Putnam, Mr. Haldeman was chief executive of Delaware Investments of Philadelphia, Pa., from 2000 to 2002.
Putnam had $175 billon in assets under management as of May 31.