Michael Travaglini, a Putnam Investments executive who has also served as head of Boston's retirement fund operation, has been selected as the new director of Massachusetts' state pension fund, a $32 billion fund which has been looking for a new executive director since last summer, it was reported last week. Travaglini replaces James Hearty, who was forced out of the job last summer but remained on until early this month. The fund's performance was not an issue in Hearty's departure, according to the state's treasury office, considering it produced a return of 26.42% in 2003.

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