US - Stephen Peacher, head of high yield at Putnam Investments, has left the company to lead taxable fixed income at Capital Management, the mutual fund manager owned by Bank of America.
Peacher, who joined Putnam in 1990 as a credit analyst for high yield, has been replaced by Paul Scanlon and Anton Simon.
“As much as we regret Steve’s decision to leave Putnam, we are confident in our strong high yield team and the leadership of Paul and Anton,” said Kevin Cronin, head of investments.
Scanlon, managing director and portfolio manager, has been appointed team leader for US high yield investing and Simon, managing director and senior portfolio manager, will head up European high yield investing. Both will report to Cronin.
Scanlon, 40, has been with Putnam since 1999 and a member of the core fixed income high yield team. He will take over Peacher’s responsibilities of portfolio leader for Putnam’s high yield trust; high yield advantage fund; floating rate income fund and managed high yield trust and will become portfolio member of Putnam’s diversified income trust; master intermediate income trust and premier income trust.
Scanlon has been a portfolio member of Putnam’s high yield trust; high yield advantage fund and managed high yield trust.
Simon, 52, joined Putnam in 2002 through the firm’s acquisition of New Flag Asset Management, the firm Simon co-founded in 1999.
Putnam said since joining, Simon has established the firm’s European high yield capability.
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