BOSTON - Putnam Investments, the seventh-largest U.S. mutual fund company, has snared an executive from Chemical Banking Corp. to oversee national sales of defined contribution plans.

The fund company named Kenneth H. Montgomery managing director of its defined contributions group, the division that promotes the fund company's 401(k) retirement plans.

Mr. Montgomery was previously director of worldwide sales of cash management and fiduciary services at Chemical.

In September, Putnam, which manages $100 billion of assets, will roll out a 401(k) plan for small companies that it hopes to promote through banks.

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