Aug. 28, 2002 — Three money managers are leaving Putnam Investments, and two of them are joining State Street Research & Management Co.
Paul Haagensen, who had been a member of Putnam’s small-cap value stock team, which oversees $4 billion in assets, has taken the same position with State Street.
Portfolio manager Jeffrey Lindsey, who helps run three Putnam funds, will also join State Street next week as head of its large-cap growth stock team, a new position.
Putnam also confirmed that Colin Moore, who helps run two funds and is the chief investment officer of its international value and global value teams, is leaving the company. A Putnam spokeswoman said she did not know Moore’s future plans.
The spokeswoman, Nancy Fisher, declined to comment on whether or not Lindsey and Moore will be replaced, saying the company wants to discuss the matter with its clients. Putnam will name a replacement for Haagensen next month, she said.
Putnam laid off fund manager Sheldon Simon and 31 other employees last month. Fisher noted that Putnam’s funds are run by teams of managers, an approach that she said provides management depth and “continuity for investors in each asset category and fund.”
The appointments are the latest by State Street, which said last week that it hired fund manager Kim Goodwin from American Century Investments to become chief investment officer for equities. Goodwin, who had headed the growth investing team at American Century, replaces James Weiss, who is retiring.
At State Street, Lindsey will report to Goodwin. Lindsey had helped manage Putnam Voyager Fd/A (PVOYX), Putnam Growth Opportunities Fd/A (POGAX) and Putnam New Opportunities Fd/A (PNOPX).
Moore had overseen Putnam Global Growth Fd/A (PEQUX), and Putnam Global Growth & Income Fd/A (PUTIX), which is slated to be merged into the Global Growth fund.
State Street, a unit of MetLife Inc (MET), and Putnam are both based in Boston. The personnel changes at the companies were reported today by the Boston Globe.