Putnam announces CIO departure

Josh Brooks, chief investment officer for large-cap equities ar Putnam Investments of Boston is leaving the company as of today. Kevin Cronin, head of investments, will assume his responsibilities on an interim basis. Mr. Brooks was part of the management teams for the following funds: Putnam Fund for Growth & Income, with $13.3 billion in assets; Putnam Classic Equity Fund, with $663 million in assets; and Putnam Research Fund, with $669 million in assets. “Putnam’s team approach ensures a depth of expertise and continuity of management should a member shift off the team,” said Laura McNamara, senior vice president, media relations at Putnam. No reason was given for Mr. Brooks' departure. As of October 31, Putnam had $195 billion in assets under management.