Putnam Investments announced Monday it has created a new leadership structure for its fixed income investment operations.
Effective Monday, D. William Kohli, Michael V. Salm, and Paul D. Scanlon, are co-heads the firm’s fixed income team of over 60 investment professionals, who manage nearly $60 billion in assests.
Kohli, Salm, and Scanlon, who will report directly to Walter C. Donovan, Putnam's chief investment officer, previously were team leaders for portfolio construction and global strategies, liquid markets, and U.S. high yield, respectively.
They replace Rob Bloemker, who has led Putnam's fixed income team since late 2007. He has decided to leave Putnam. Bloemker, who moved to the West Coast two years ago with his family, has been operating as leader of the fixed income team on a bicoastal basis. He will remain at Putnam through a transition period.
“Over the years, Putnam has built a comprehensive fixed income capability driven by an extraordinarily deep and talented team who have worked together, in many cases, for well over ten years and have produced consistently solid results for institutions, advisors and shareholders,”
said Robert L. Reynolds, Putname's president and chief executive officer, Putnam Investments.
Donovan said, “We believe that expanding the top leadership ranks of our fixed income platform will allow each of its sector specialist teams to have even greater focus, direction and strategic coordination, resulting in even stronger offerings to clients as we move forward."
Donovan said the Putnam fixed income investment group has always used a team-managed approach when it came to its fixed income products. Following the transition period, portfolio management responsibilities previously handled by Bloemker will be assumed by other members of the respective product teams, including Kohli, Salm and Scanlon.
Kohli, who has been in the investment industry for nearly 25 years, has worked for Putnam since 1994. He has been a team leader of the portfolio construction team within the core fixed income group, specializing in global and non-U.S. multi-sector mandates. Kohli is also a portfolio manager of
Putnam Global Income Trust, Putnam Diversified Income Trust, Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Premier Income Trust and Putnam Master Intermediate Income Trust.
Before joining Putnam, Kohli was co-director of the global bond team and a senior portfolio manager at Franklin Advisors/Templeton Investment Counsel.
Salm, a nearly 20-year industry veteran, has worked at Putnam since 1997. A team leader of the Liquid Markets group, he is also a portfolio manager of Putnam Global Income Trust, Putnam U.S. Government Income Trust, Putnam American Government Income Fund, Putnam Income Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund.
Prior to arriving at Putnam, Salm held various investment, trading and research responsibilities at BlackRock Financial Management, Nomura Securities, Nikko Securities and Fitch Investor Services.
Scanlon, who has nearly 25 years of investment industry experience, joined Putnam in 1999. A team leader of the U.S. High Yield Fixed Income group, he is also a portfolio manager on Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Diversified Income Trust, Putnam Floating Rate Income Fund, Putnam Global High Yield Bond Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust.
Before joining Putnam, Scanlon was a senior vice president at Olympus Health Care Group and senior analyst, fixed income at Fidelity Investments.