Posted by: Lauren Young on November 17, 2008
The Larry Lasser era has officially ended at Putnam Investments.
Sure, Lasser left Boston-based Putnam way back in 2003. But the team-based mutual fund manager system he championed ended today with news that Putnam is restructuring its equity unit and assigning individual managers to run funds. Leading the charge is Putnam’s newly appointed CEO, Robert L. Reynolds, who is a Fidelity Investments alum.
“I have always believed that success in asset management depends on fundamental research, individual manager responsibility and accountability, retaining and attracting the best people, and rewarding those who deliver sustained, superior results,” Reynolds said in a press release. “The changes we are making today reflect those beliefs. They lay the groundwork for us to move aggressively toward our highest priority of helping clients succeed by delivering sustained top-quartile investment performance.
In other words, expect Putnam to look a lot more like Fidelity in the coming months.