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 Massachussetts’ state pension fund, a $32 billion fund which has been looking for a new executive director since last summer, Reuters reports.

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.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.