Putnam Investments Appoints Brett S. Goldstein Co-Chief Investment Officer of Global Asset Allocation

BOSTON, June 28, 2021 – In a move expected to provide long-term leadership continuity for its multi-asset investment group, Putnam Investments today announced that Brett S. Goldstein has been named Co-Chief Investment Officer, Global Asset Allocation (GAA), effective June 30. Goldstein, who will also serve on the firm’s Operating Committee, has been a member of Putnam’s GAA team for more than a decade and is a portfolio manager on a number of the firm’s multi-asset funds.

Goldstein and his Co-Chief Investment Officer, Robert J. Schoen, who was appointed to the senior investment role in November 2016, will be jointly responsible for the overall strategy and positioning of the firm’s GAA products. Together, they will oversee portfolio construction and risk management for GAA portfolios and the research that drives equity security selection strategies.
photo of Goldstein and Schoen

“Asset allocation is an increasingly dynamic area of investing, presenting an array of new opportunities for the marketplace,” said Aaron M. Cooper, Chief Operating Officer, Putnam Investments. “The broad expertise and deep experience of Rob Schoen in the multi-asset arena, combined with the portfolio construction acumen of Brett Goldstein, particularly in the target-date investment sphere, will provide strong and strategic leadership in guiding the firm’s GAA efforts for the exciting journey ahead.”

“Brett’s tremendous passion for capital markets, exceptional investing skills and commitment to innovation have contributed to his significant accomplishments as a portfolio manager in our GAA group,” said Schoen. “I am excited about partnering closely with Brett in the coming years to maximize opportunities for our clients and further build Putnam’s presence in the increasingly important multi-asset market.”

Schoen explained that the firm sees great potential for the development of new retirement offerings, multi-asset ESG products, custom indexes, model portfolios and other dynamic offerings that can address a host of marketplace needs. “Brett and I look forward to collaborating closely on investment strategies that produce meaningful outcomes for investors.”

In another development, Schoen indicated that Adrian H. Chan will become a named Portfolio Manager on all Putnam GAA products. Chan, who has been with the firm for 16 years, is considered one of Putnam’s foremost experts on volatility, a critical consideration in the GAA investment process. Additionally, he has been leading Putnam’s efforts in developing custom indexing for the insurance channel.

About Brett Goldstein

Goldstein began his career at Putnam Investments in 2010 as part of the Investment Associate program, subsequently serving as an Analyst. Currently, he is responsible for the research and implementation of risk and portfolio construction methods across GAA products and also works extensively with retirement glide path research and GAA target-date funds. He is a Portfolio Manager of Putnam Dynamic Asset Allocation Funds (Growth, Balanced, and Conservative); Putnam Dynamic Risk Allocation Fund; Putnam Multi-Asset Absolute Return Fund; Putnam Retirement Advantage Funds; Putnam RetirementReady Funds; and Putnam 529 for America.

Goldstein has a B.S. in Applied Economics & Management and in Biometry & Statistics, and a Master of Professional Studies degree in Statistics from Cornell University. He holds the Chartered Financial Analyst designation.

About Putnam Global Asset Allocation

Putnam’s Global Asset Allocation team is one of the industry’s longest-tenured groups of asset allocation specialists. The team manages approximately $17 billion in assets in portfolios that hold a variety of investments and positions them to benefit from a wide range of opportunities and market conditions.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of May 2021, Putnam had $198 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit putnam.com.


37 Capital Expands Structured Credit Capabilities with Hiring of Industry Veterans to Focus on CLO Strategies for Marketplace

BOSTON, June 21, 2021 – 37 Capital, the alternative investments business of Putnam Investments, today announced that it has bolstered its collateralized loan obligation (CLO) and broader leveraged loan capabilities with the hiring of three highly-experienced investment professionals.

Scott M. D’Orsi (Portfolio Manager), Eric C. Vander Mel (Analyst) and Stephen L. Newton (Analyst), who worked together at First Eagle Investment Management for more than six years prior to joining Putnam, bring dedicated focus to the active build-out of 37 Capital-branded CLO offerings. D’Orsi reports directly to Putnam’s Michael V. Salm (Co-Chief Investment Officer of Fixed Income) and Brett S. Kozlowski (Co-Head of Structured Credit) and will work closely with Kaitlin M. May, Chief Operating Officer of 37 Capital, on the launch of this business initiative.

“We believe that structured credit offers a complexity premium that can be harvested by sophisticated investment managers who are able to combine fundamental credit analysis of underlying collateral with a deep understanding of the various securitization vehicles utilized in this space,” said Salm.
May, who will also become Head of Global Institutional Management at the end of the month upon the retirement of Jeffrey L. Gould, added, “In bringing onboard three highly-skilled credit investment professionals in Scott, Eric and Steve, we are making a strong commitment to generating long-term value for institutional investors through new product opportunities that combine decades of corporate credit expertise with specific capabilities related to CLOs.”

Salm indicated that the three new hires, with deep backgrounds in leveraged loans, high yield bonds and fixed income trading, will join Putnam’s broader fixed income team with strong portfolio management and research expertise in non-investment grade credit markets. As a firm, Putnam has an extensive history of bringing structured product solutions to clients and currently manages approximately $30 billion in structured credit, including RMBS, CMBS, and various prepayment strategies as of May 28, 2021.

Prior to joining Putnam, D’Orsi was a Managing Director, CLO Portfolio Manager and Head of Liquid Loans at First Eagle Investment Management, where he launched the CLO business of its predecessor company and led the launch of a number of CLOs. Earlier, D’Orsi held positions at Spear Leeds & Kellogg, CIBC World Markets, BancBoston Securities, Bank of Boston and Fleet Financial Group. He earned a B.A. in Economics from Yale University and an MBA from Babson College’s Franklin W. Olin Graduate School of Business.

Vander Mel has more than 25 years of credit experience including syndicated loan CLO management. Before joining Putnam, he was a Managing Director, Senior Analyst, at First Eagle Private Credit Advisors, where he specialized in broadly syndicated loan CLOs. Earlier, he held positions with Knight Capital, FBR Capital, Morgan Stanley, Fleet Securities and Fleet National Bank. He holds a B.A. in Economics from Colby College.

Newton brings more than 15 years of experience in fixed income research, CLO structuring and portfolio management. Most recently, he was a Director, Senior Credit Analyst, at First Eagle Private Credit Advisors. He previously held positions with Citizens Financial Group, Social Finance, Eaton Vance Management and Banc of America Securities. He earned a B.S. in Finance from Boston College and an MBA from Northwestern University’s Kellogg School of Management.

About 37 Capital

37 Capital is the global alternative asset management business of Putnam Investments, providing investment solutions across equities and credit. Portfolio managers employ an opportunistic investment approach that combines intensive fundamental research with a consistent focus on downside protection.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of May 2021, Putnam had $198 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.