Business

Putnam Investments expands retirement sales team

Putnam Investments is continuing to expand its sales team in an effort to meet a growing demand from 401(k) sponsors and their advisors. The firm indicated that additional hires are expected in the sales and service areas in the months ahead.

Steven McKay joins Putnam from Hartford Retirement Services and will serve as Regional 401(k) Sales Director for New England and Upstate New York. Also, Joseph Kaplan, previously with ADP Retirement Services, has been hired as Regional 401(k) Sales Director for New York City and surrounding areas, as well as New Jersey. McKay and Kaplan will be based in Boston and New York City, respectively.

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Additionally, Ryan Tolmie, a 13-year Putnam veteran who was formally the lead 401(k) sales team specialist, has been promoted to Regional 401(k) Sales Director for a newly created territory covering for Arizona, New Mexico, Utah, Colorado, Wyoming, and Nebraska.

“As we continue to build out all aspects of Putnam’s 401(k) business in response to market demand for comprehensive, yet highly innovative retirement savings offerings, we think there is clearly an opportunity to have a deeper presence in key markets around the country to serve the growing needs of plan sponsors and their advisors,” said Edmund F. Murphy, III, Head of Defined Contribution, Putnam Investments.

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Since Robert L. Reynolds became Putnam’s president and chief executive officer in 2008, the company has expanded its operations in the retirement market, anticipating the needs of the 75 million baby boomers who are beginning to enter retirement.

At the end of December 2011, Putnam had $117 billion in assets under management, including mutual fund assets of $60 billion and institutional assets of $57 billion. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney.

D.C. Denison can be reached at denison@globe.com.
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