Just last year banker Roberto DeGuardiola billed himself as a lone wolf in the world of mutual fund mergers. Last week, however, he decided to help lead the pack at investment banking boutique Putnam, Lovell & Thornton Inc.

But Mr. DeGuardiola said he is not doing an "about face" by joining the San Francisco-based firm. He described it is a natural progression for him and good friend Donald Putnam.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.