Putnam Investments to Launch Fixed Income and Quantitative Equity ESG Investment Strategies

BOSTON, June 8, 2022 – Putnam Investments today announced that the firm will bring three active fixed income and two active quantitative equity exchange-traded funds (ETFs) to the market, all with an environmental, social and governance (ESG) focus, following completion of the regulatory process.

The new ETFs to be launched by Putnam in the coming months are:

Fixed Income ETFs —

  • Putnam ESG Core Bond ETF
  • Putnam ESG High Yield ETF
  • Putnam ESG Ultra Short ETF

Quantitative Equity ETFs —

  • Putnam PanAgora ESG International Equity ETF
  • Putnam PanAgora ESG Emerging Markets Equity ETF

The new, ESG-focused Putnam fixed income portfolios build upon the long-time capabilities and experience of the Putnam Fixed Income team, utilizing an ETF format. The two quantitative equity ESG strategies will be sub-advised by Putnam affiliate PanAgora Asset Management, Inc., which is well regarded in the industry for its quantitative investment management expertise. Putnam will be the sponsor/investment adviser on all five transparent ETFs.

Additionally, the new fixed income and quantitative equity ESG ETFs, along with the existing Putnam Sustainable Leaders ETF and Putnam Sustainable Future ETF, will serve as underlying investment components within the firm’s ESG-focused target-date series, the Putnam Sustainable Retirement Funds. This new suite will be implemented in the coming months through a repositioning of the existing Putnam RetirementReady® Funds target-date series.

“Putnam is committed to providing investors with a range of thoughtful, alpha-seeking sustainable and ESG offerings, as we believe in the value and importance of these strategies in building a long-term investment portfolio,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “We have seen growing interest from many corners of the marketplace for ESG investing across a range of asset classes – and are excited to introduce these new fixed income and quantitative equity ETFs to our lineup.”

The five new ESG-focused ETFs, which will be available in the coming months, are:

Putnam ESG Core Bond ETF: Will seek high current income consistent with what Putnam believes is prudent risk by investing mainly in a diversified portfolio of investment-grade fixed income securities, with a focus on companies or issuers that Putnam believes meet relevant ESG criteria. The fund will invest mainly in bonds of governments and private companies that are investment-grade in quality with intermediate- to long-term maturities (three years or longer). Portfolio Managers: Michael Salm, Andrew Benson and Sri Mahanti.

Putnam ESG High Yield ETF: Will seek high current income, with capital growth as a secondary goal when consistent with achieving high current income. The fund will invest mainly in bonds that are below investment-grade in quality (sometimes referred to as “junk bonds”) that have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer). The fund will invest with a focus on companies or issuers that Putnam believes meet relevant ESG criteria. Portfolio Managers: Rob Salvin and Norm Boucher.

Putnam ESG Ultra Short ETF: Will seek as high a rate of current income that Putnam believes is consistent with preservation of capital and maintenance of liquidity. The fund will invest in a diversified portfolio of fixed income securities composed of short duration, investment-grade money market and other fixed income securities, with a focus on companies or issuers that Putnam believes meet relevant ESG criteria. Portfolio Managers: Joanne Driscoll, Andrew Benson and Michael Lima.

Putnam PanAgora ESG International Equity ETF: Will seek long-term capital appreciation by investing mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on securities that PanAgora believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. Portfolio Managers: George Mussalli and Richard Tan.

Putnam PanAgora ESG Emerging Markets Equity ETF: Will seek long-term capital appreciation by investing mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on securities that PanAgora believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. Portfolio Managers: George Mussalli and Richard Tan.

“These new products represent the ongoing evolution of Putnam’s ESG investment capabilities across asset classes, ultimately to help advisors and their clients construct robust portfolios,” explained Carlo Forcione, Head of Product and Strategy at Putnam. “We are enthused to have these offerings join an expanding stable of Putnam actively managed ETFs in the market.”

Forcione noted that Putnam launched its first four active equity ETFs in May 2021, and recently made filings to create three additional active equity ETFs to focus on business development companies, biology revolution firms, and emerging markets ex-China.

About PanAgora Asset Management, Inc.

Founded in 1989, PanAgora Asset Management, Inc. is a forward-looking investment firm underpinned by insightful research, innovation and creativity. The hands-on oversight, combined with the firm’s singular focus on seeking to develop and implement distinctive Active Equity and Multi Asset strategies, enables the firm to offer diversified and tailored investment solutions designed to help clients achieve their financial objectives.

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 April 2022, Putnam had $180 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

NOTE: The registration statement relating to these securities has been filed with the SEC but is not yet effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.


330244

Putnam Investments to Create Suite of Sustainable Retirement Target-Date Funds

BOSTON, May 26, 2022 – Putnam Investments today announced that the firm will reposition its Putnam RetirementReady® Funds target-date series as the Putnam Sustainable Retirement Funds, employing sustainability-focused or environmental, social and governance (ESG) principles and strategies.

Putnam Sustainable Retirement Funds will offer vintages ranging every five years from 2025 to 2065, along with a maturity fund, and will invest in active exchange-traded funds (ETFs) advised by Putnam. The new ESG-focused target-date series is expected to be available in the coming months.

“Putnam Sustainable Retirement Funds will combine our commitment to two of our firm’s key focus areas in the marketplace — sustainable investing and helping individuals prepare for retirement,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “We are excited to offer access to sustainable investment strategies within a target-date format, which continues to be a preferred investment vehicle for millions of working Americans saving for retirement.”

Reynolds explained that the firm also offers a second target-date series, the Putnam Retirement Advantage suite. “We think there is tremendous value in offering clients a variety of investment strategies and approaches when addressing their financial goals, including attaining a dignified retirement,” he said.

Putnam has been building out its sustainable investing efforts and related investment offerings since 2017. The firm launched two ESG-focused mutual funds a year later and introduced its first sustainable portfolios in an active ETF format in May 2021.

“There is growing interest in ESG investing among a wide array of clients and investors, and we believe this is an optimal time to introduce our own brand of sustainable investing to the defined contribution marketplace,” said Steven P. McKay, Head of Global Defined Contribution Investment Only. “We look forward to providing more detail on the composition and glide path of this innovative new target-date series as we move ahead.”

About Putnam Investments

At the end of April 2022, Putnam had $180 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.


330180

Putnam Investments’ Sumedh Mehta Honored as Chief Information Officer of the Year

BOSTON, May 25, 2022 – Putnam Investments today congratulated Sumedh Mehta, the firm’s Chief Information Officer and a member of its Operating Committee, on being named a winner of BostonCIO’s 2022 CIO of the Year® ORBIE® Award. For nearly 25 years, the CIO of the Year ORBIE Awards have recognized technology executives for outstanding leadership.

The ORBIE Award winners are selected by an independent peer review process led by prior recipients of the awards. The awards honor CIOs who have demonstrated excellence in technology leadership and management effectiveness, generated business value through technology innovation and engaged in industry and community activity.

“Putnam has always sought to be at the forefront of industry technology and innovation, evolving over time to meet the changing needs of our clients and the marketplace,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “Under Sumedh’s leadership, our firm has moved boldly to embrace and execute a wide-sweeping digital transformation.

“He is a worthy recipient of the CIO of the Year ORBIE Award, and on behalf of our entire firm, I wholeheartedly congratulate him,” Reynolds noted.

Since joining Putnam in 2015 as its CIO, Mehta has been responsible for modernizing all aspects of the company’s systems infrastructure and application development. He led the firm’s adoption of digital technologies across multiple business lines and operations on three continents to meet the evolving needs of clients and the overall organization.

Importantly, the technology work has enabled the firm’s investment teams to bring new products, such as active ETFs, to market in record time using cloud computing. In addition, the development of automation has improved Putnam’s efficiency and allowed the company to better deploy resources to meet strategic objectives.

In addition to playing a vital leadership role within Putnam, Mehta has been deeply involved in professional and community activities in the Greater Boston area. In particular, he has been involved with the area’s growing financial technology industry, including serving as a founding member of the nonprofit MassChallenge FinTech advisory board and leading the development of the Fintech Exchange as part of the FinTech Hub.

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 April 2022, Putnam had $180 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

330173

Putnam Investments to Launch Three Active Equity Exchange-Traded Funds

BOSTON, May 23, 2022 – Putnam Investments today announced that it will launch three actively managed, transparent exchange-traded funds (ETFs) in the coming months, pending completion of the regulatory filing process.

The new ETFs will each have a distinct investment focus:

  • Putnam BDC Income ETF – Business development companies (BDCs)
  • Putnam BioRevolutionTM ETF – Companies operating at the intersection of technology and biology in the “biology revolution”
  • Putnam Emerging Markets ex-China ETF – Emerging markets companies, excluding investments in China and Hong Kong

Building on the firm’s launch of its first four active ETFs last year, the new products will leverage existing investment expertise and capabilities within Putnam and are designed to provide the marketplace with access to three compelling strategies within an ETF format.

“Putnam continues to bolster its product lineup by bringing thoughtful, innovative strategies to the marketplace,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “We are excited to offer investors and advisors a dynamic set of investment opportunities, which will be meaningful additions to Putnam’s growing ETF roster.”

The ETF strategies expected to be launched by Putnam in the coming months include:

  • Putnam BDC Income ETF – Seeks current income by investing mainly in exchange-traded BDCs based in the U.S. and registered with the SEC. BDCs generally invest in, lend capital to or provide services to privately-held U.S. companies or thinly traded U.S. public companies.
  • Putnam BioRevolutionTM ETF – Seeks long-term capital appreciation by investing mainly in common stocks of companies of any size with a focus on those that Putnam believes offer the opportunity to capitalize on a convergence of technological developments in the life sciences sector. These include technology-enabling companies that provide the materials, equipment, and knowledge to enable biology innovations, biotechnology, or synthetic biology companies, as well as companies that operate in industries that are likely to be impacted by the biology revolution over time.
  • Putnam Emerging Markets ex-China ETF – Seeks long term capital appreciation by investing mainly in common stocks of emerging market companies. Emerging markets include countries in the MSCI Emerging Markets ex China Index or those Putnam considers to be emerging markets based on an evaluation of their level of economic development or the size and experience of their securities markets. The ETF will exclude companies domiciled in, or whose stocks are listed for trading on an exchange in, China or in Hong Kong.

“We are enthused to bring these differentiated strategies to the marketplace, to give investors exposure to several important developing areas,” explained Carlo Forcione, Head of Product and Strategy at Putnam Investments.

“The new ETFs are an extension of Putnam’s equity investment capabilities that apply traditional fundamental research, currently employed in an array of products offered by our firm across retail mutual funds, ETFs, separately managed accounts, collective investment trusts, private funds and non-U.S. funds,” Forcione continued.

Putnam launched its first four active ETFs in May 2021: Putnam Focused Large Cap Growth ETF; Putnam Focused Large Cap Value ETF; Putnam Sustainable Future ETF; and Putnam Sustainable Leaders ETF.

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 April 2022, Putnam had $180 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

NOTE: The registration statement relating to these securities has been filed with the SEC but is not yet effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.


330141

Putnam Convertible Securities Fund Honored by Lipper for Superior Performance Over Five Years

BOSTON, March 10, 2022Putnam Investments announced today that Putnam Convertible Securities Fund (class I shares) has received a 2022 Refinitiv Lipper Fund Award for its top performance over a five-year period. The award recognizes the fund’s consistently strong risk-adjusted performance relative to its peers in the convertible securities category.

Managed by industry veterans Robert L. Salvin and Anthony J. Daigle, Putnam Convertible Securities Fund seeks to balance much of the upside potential of equities, the lower downside risk of bonds and an attractive current yield.

“Putnam is proud to be recognized by Lipper for the strong, long-term results of Putnam Convertible Securities Fund,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “It is an honor to receive this award, which validates our firm’s commitment to investment management excellence every single day.”

About the Refinitiv Lipper Fund Awards

Since 2006, the Lipper Fund Awards have annually recognized funds and fund management firms for their consistently strong risk-adjusted three-, five- and 10-year performance relative to their peers based upon Lipper’s quantitative, proprietary methodology. The awards are sponsored by Refinitiv, an LSEG (London Stock Exchange Group) business, and one of the world’s largest providers of financial markets data and infrastructure. For more information, visit lipperfundawards.com.

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 January 2022, Putnam had $196 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.


329558

Putnam Investments Recognized for Service Excellence by DALBAR

BOSTON, December 15, 2021Putnam Investments announced today that DALBAR, a leading independent market research and consulting firm for the financial services industry, has named Putnam the winner of two of its premier awards: Mutual Fund Service Award and Total Client Experience Award. These honors recognize the company’s commitment to providing superior service and outstanding support to clients.

Discussing the service awards received by the firm, Michael J. Woodall, Chief of Operations, said, “We are really pleased that DALBAR has honored Putnam for its relentless dedication to achieving the highest standards of quality service.

“Our firm is extremely proud of the industry-leading work done by our extraordinary service team that has now been recognized by DALBAR for 32 consecutive years. We are excited to continue delivering at a world-class level for our clients in the years to come,” Woodall explained.

The two DALBAR Awards won by Putnam are:

  • Mutual Fund Service Award, for the highest levels of call center service to fund shareholders. The award is based on rigorous, objective and independent audits of call center interactions with shareholders to ensure an exceptional quality of service. Putnam has received this honor for 32 consecutive years.
  • Total Client Experience Award, which is based on DALBAR’s measurement of the complete experience of the customer. DALBAR evaluates the level of professionalism demonstrated by a financial services firm’s personnel, including the accurate execution and processing of transactions and requests while ensuring thorough security protocols. Putnam has been the sole recipient of this award since it was launched in 2011.

In commenting on the awards, Karen L. Walsh, Head of Investor Services, noted, “Putnam’s service model is multidimensional, with our firm making a concerted effort to focus on quality, accuracy and the complete customer experience. We continue to evolve and enhance our approach through extensive training of our associates, ongoing monitoring and continuous feedback, and broad use of contemporary technology.”

About DALBAR

DALBAR, Inc. is the financial community’s leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. Launched in 1976, DALBAR has earned recognition for consistent and unbiased evaluations. DALBAR awards are recognized as marks of a superior standard of care in the financial community.

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 November 2021, Putnam had nearly $200 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.


328435

Putnam Investments Names Robert E. Alan Head of Global Consultant Relations

BOSTON, November 17, 2021Putnam Investments today announced that Robert E. Alan has rejoined the firm as Head of Global Consultant Relations in the firm’s Institutional Management business. In this new role, Alan will oversee a team responsible for coordinating consultant activity worldwide for Putnam’s well-established institutional business. Based in Boston, Alan will report directly to Kaitlin M. May, Head of Putnam Institutional Management.

“Putnam has a long history of working closely with the consultant community in addressing the asset management needs of institutional investors around the globe,” said May. “As we continue to develop and deepen these critical consultant partnerships, we believe Putnam and its clients will benefit from Rob’s extensive experience, trusted relationships, and proven track record in successfully navigating the ever-evolving institutional marketplace.”

“I am thrilled to rejoin Putnam at a time when the firm’s institutional business has tremendous focus, energy, and momentum,” said Alan. “Putnam has built a world-class organization, spanning investment management, consultant relations, business development, and client service – and I look forward to collaborating with my outstanding colleagues in delivering strong results for our institutional clientele.”

Before rejoining Putnam, Alan founded New York-based North Broadway Capital Advisors in 2019, an independent consultant firm devoted to providing institutional distribution advisory support to the emerging manager and diverse-, woman- and disabled-owned asset management community. Prior, he led consultant relations efforts in North America for Insight North America (2015-2019) and global consultant relations efforts for Cutwater Asset Management (2011-2014).

Earlier, Alan held senior consultant relations leadership roles at Putnam Institutional Management (2006-2011). He began his career with similar positions at Babson Capital Management and Fidelity Management Trust Company.

Alan earned a B.S. in Finance from Bentley University and an M.B.A. with Finance and Leadership concentrations from New York University’s Leonard N. Stern School of Business.

About Putnam Institutional Management

Putnam Institutional Management serves the investment management needs of a wide array of institutions, including corporate pensions, sovereign wealth funds, insurance companies, endowments and foundations, and public and government plans. In total, Putnam managed $101 billion in worldwide institutional assets as of October 31, 2021.

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 October 2021, Putnam had $201 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.


328073

Putnam Investments Appoints Michael Huber Head of Institutional Distribution in Europe’s Dach Region

BOSTON, October 11, 2021 – Putnam Investments announced today that Michael L. Huber has been named Director, Institutional Management DACH, serving investors and clients in Germany, Austria and Switzerland. Huber will be responsible for driving business development in this important region, working closely with local clients and prospects, including pension plans, insurance companies and industry consultants.

“Michael has a proven record of establishing and developing deep institutional relationships during his 15 years in the European asset management industry,” said Kaitlin M. May, Head of Global Institutional Management at Putnam Investments. “The DACH region represents a key growth market for Putnam and Michael will play a significant role in expanding the firm’s presence and visibility in this market.”

Huber succeeds longtime Putnam executive Peter P. Schepp, who recently retired after leading Putnam’s efforts in the region for two decades.

Prior to joining Putnam, Huber was Head of Institutional ETF Business Germany for Invesco Asset Management. Earlier, he worked at Assenagon, a boutique for actively managed strategies. He began his career in the private wealth management division of Goldman Sachs.

Huber holds a Master of Science degree in Finance and Information Management from the Universität Augsburg and the Technische Universität München. He also studied at the Indian Institute of Technology, Madras.

About Putnam Global Institutional Management

Putnam Global Institutional Management serves the investment management needs of a wide array of institutions, including corporate pensions, sovereign wealth funds, insurance companies, endowments and foundations, and public and government plans. In total, Putnam managed $103 billion in worldwide institutional assets as of August 31, 2021.

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 August 2021, Putnam had $203 billion in assets under management. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. For more information, visit putnam.com.


327758

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.


326838

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.


326706