Farrell, who has more than 15 years of institutional equity trading experience, according to the announcement, was previously Vice President Equity Trading since 2003 at RiverSource Investments. Prior to that, he was Vice President Equity Trading at MFS Investment Management.
Putnam President and Chief Executive Officer Robert L.Reynolds last week announced a major restructuring of the company’s equity investment unit (See Putnam Announces Equity Restructuring ), a renewed focus on individual fund manager accountability, and a performance-linked compensation plan that ties fund managers’ bonuses to the results they deliver for clients.
“Markets as challenging as those we’ve seen in recent months open great opportunities for new vision and renewed growth. Putnam is moving to take advantage of them — every day,” said Reynolds.