US - Putnam Investments has named Edmund Murphy as its new managing director and head of defined contribution.
The appointment of Murphy is the latest step in the turnaround strategy for the 70-year old Boston-based asset manager launched by Putnam's president and chief executive officer, Robert Reynolds.
Murphy began his career with Merrill Lynch 25 years ago and joins Putnam from Fidelity Investments, where he served as executive vice president of distribution for personal and workplace investing.
Reynolds said: "We believe the retirement market offers very strong opportunities for growth, and we are committed to investing in our retirement platform, expanding our capabilities and building out our advisor network to serve clients.
"Products that may be especially useful for those in or nearing retirement, such as our new target absolute return funds, position us very well in this market. And Ed Murphy brings the experience and vision to lead us in dramatically growing our retirement business," said Mr. Reynolds.
"This is a business we view as key to our overall strategy and we're delighted to have Ed join us in developing it."
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