Putnam Investments said Wednesday it had promoted two executives to lead its U.S. and European high-yield investment groups.
The Boston fund company appointed Paul D. Scanlon, a managing director and portfolio manager, to be team leader for its U.S. high-yield investment group and Anton D. Simon, a managing director and senior portfolio manager, to head its European high-yield group.
Mr. Scanlon and Mr. Simon are to report to Kevin Cronin, the head of investments. The two succeed Stephen C. Peacher, who resigned as overall head of high-yield investing to lead a taxable fixed-income team at Columbia Management Group, Bank of America Corp.'s investment arm.
Mr. Scanlon, 40, has worked at Putnam since 1999 on its core fixed-income, high-yield team. He is to be the portfolio leader for Putnam's High Yield Trust, High Yield Advantage, Floating Rate Income, and Managed High Yield Trust funds, and he also is to be a portfolio member of the Diversified Income Trust, Master Intermediate Income Trust, and Premier Income Trust.
Mr. Simon, 52, joined Putnam in 2002 when it bought New Flag Asset Management, a firm that Mr. Simon had co-founded in 1999. He established Putnam's European high-yield capability.
At Feb. 28 Putnam had more than 3,500 employees and managed $205 billion in about 10 million shareholder accounts and nearly 172 institutional accounts.
