John Brown, Putnams senior managing director and head of institutional management, is resigning and will leave the firm at the end of the month.
Brown, who reports directly to CEO Ed Haldeman, helped spearhead the firms fight to stop bleeding assets in the wake of scandal developments at the firm. Putnam said Brown, a seven-year vet of the firm, is leaving to pursue personal interests.
With Browns departure, Putnam is restructuring its distribution arm into two units. It previously was three-pronged, with Brown heading up institutional management, both defined benefit and defined contribution efforts and Rich Monaghan acting as head of retail. The third leg of that trio was John Boneparth, who was head of international, which was comprised of both retail and institutional.
Under the new structure, Monaghan will be responsible for domestic and offshore retail management, as well as shareholder communications. Boneparth will head domestic and international institutional business and international alliances.