Putnam to Double 401(k) Wholesale Staff to 10

Putnam Investments plans to double its 401(k) wholesalers from five to 10 by year-end, Defined Contribution & Savings Plan Alert reports. In fact, Putnam might even hire more, and it will definitely continue to hire 401(k) wholesalers in 2010, said Edmund Murphy, head of Putnam’s 401(k) business.

“We now have all the senior people hired, but we are going to need more wholesalers going forward,” Murphy said. “We are very committed and focused on 401(k) plans.

The most recent senior executive hire in Putnam’s defined contribution unit was Benjamin Lewis, as managing director of defined contribution sales and relationship management. Lewis previously was with Fidelity.

As far as sales targets go, Murphy said the firm is “revising those upward. Expectations are high.”