Brooks is currently Putnam’s Head of Global Equity Research and CIO of Core Equities, and will retain both positions, according to a press release. As CIO of Large Cap Equities, Brooks will oversee Large Cap Value Equities, US Large Cap Growth Equities, and International Growth Equities.
Leaving the firm will be Walt Pearson, a portfolio member of Putnam Voyager Fund and Putnam Growth Opportunities Fund; Cole Lannum, a portfolio member of Putnam Classic Equity Fund; and George Maris, a portfolio member of the Putnam Convertible Income-Growth Fund, as well as two closed-ended funds. None of the managers will be replaced.
The Putnam release stressed that this move is meant to improve performance by integrating the company’s quantitative and fundamental investment skills within each style.
These moves come as part of a larger initiative which saw approximately 100 people lose their jobs at the scandal-plagued mutual fund firm. Putnam ( www.putnaminvestments.com ), which manages $209 billion for around 11 million individuals and 300 institutions, was caught up in the mutual fund trading scandal, which began last September.