Liberty Financial Cos. announced last week that it has revamped its management structure to create more efficient lines of reporting.

As part of the restructuring, the Boston-based asset management holding company hired a managing director from Putnam Investments. Stephen E. Gibson joins Liberty next week.

Mr. Gibson, who marketed Putnam funds to retail and corporate customers, starts as executive vice president of the Colonial Group, a mutual fund division. He is to become its president early next year.

After acquiring seven companies and doubling its assets under management during the past 18 months, Liberty has given two other executives more management responsibilities, reducing the number of people reporting to chief executive Kenneth R. Liebler.

Harold W. Cogger, the Liberty Financial executive vice president who currently runs Colonial, will assume oversight of Stein Roe & Farnham, a Chicago-based institutional asset manager.

C. Allen Merritt Jr., a senior vice president and the treasurer of the holding company, will head Liberty's annuity business and its Keyport Life Insurance Co. unit.

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