Putnam Investments announced the retirement of Steve Oristaglio Friday as head of investments, and it promoted his deputy, Kevin Cronin, to succeed him.
Joshua Brooks, a managing director and the chief investment officer for large-cap equities, and Edward "Ned" T. Shadek Jr., a managing director and the chief investment officer for small-cap equities, were named deputy heads of investments.
Mr. Oristaglio, who has led investment teams at Putnam since 1998, is to leave the Boston investment company later this year, but Mr. Cronin begins his new role immediately, the company said.
Mr. Cronin has been deputy head of investments since July. In this role he has helped apply the successful approaches used in fixed-income products across all of Putnam's asset classes. He became the chief investment officer of core fixed-income products in 2001 after having joined Putnam in 1997 as mortgage team leader.
He continues to oversee fixed-income investing in addition to his new responsibilities and reports to chief executive officer Charles Haldeman.
Mr. Brooks and Mr. Shadek were also named to Putnam's executive board. Both report to Mr. Cronin.
Mr. Brooks joined Putnam in 2003 to head global equity research. He has taken on increasing responsibilities, including for large-cap core equity, large-cap value, and large-cap growth equity.
Mr. Shadek was hired in 1997. He oversees the management of U.S., international, and global small-cap core equity as well as U.S. small-cap growth equity and U.S. small- and mid-cap value equity.
Putnam, which has had consecutive monthly declines in assets under management since April 2001, says it had $204 billion under management at Jan. 31, down from $213 billion at yearend, and nearly 3,700 employees, up from about 3,500 at yearend.
