« Back | Press release: February 1, 2013

Putnam Announces New Global Asset Allocation Leadership Team

Putnam GAA Veterans James Fetch, Robert Kea, Robert Schoen, and Jason Vaillancourt Named Co-Heads

Putnam Investments today announced a new leadership structure for its Global Asset Allocation (GAA) investment organization, which manages specialized multi-asset class portfolios — for retail and institutional clients — that seek to generate efficient, risk-adjusted returns. Effective immediately, the team will be led by Co-Heads James Fetch, Robert Kea, Robert Schoen, and Jason Vaillancourt. All four Co-Heads are long-time Putnam GAA veterans, who average 22 years of overall investment experience, including a combined nearly 75 years of experience at Putnam.

Working closely with Walter C. Donovan, Chief Investment Officer at Putnam, the new leadership team will be responsible for overall strategy and positioning of the GAA products, which include asset and risk allocation, absolute return, and retirement and college savings. GAA’s 13-person group manages approximately $10 billion in assets for a variety of clients.

“It is rare in the asset management business to have such a finely tuned and talented investment unit with a number of key team members having worked the markets together day-in, day-out for nearly 15 years, like Putnam’s GAA group,” said Donovan. “Under this strong leadership team, Putnam GAA will continue to provide a range of sophisticated, yet practical, investment strategies to both the institutional and retail marketplaces, designed to address some of the greatest financial challenges of our day.”

Consistent with the current approach, Fetch continues to lead portfolio construction and risk, Kea drives top-down equity efforts, Schoen oversees equity process and risk, and Vaillancourt manages global macro efforts. As a team, they will continue to manage the Putnam Absolute Return 500 Fund┬«, Putnam Absolute Return 700 Fund ┬«, Putnam Dynamic Asset Allocation Funds, Putnam Dynamic Risk Allocation Fund, Putnam Retirement Income Lifestyle Funds, Putnam RetirementReady® Funds, Putnam’s Total Return institutional portfolio, and portfolios within Putnam 529 for AmericaSM.

Jeff Knight, who previously led the group, has left the firm to pursue other opportunities.

Fetch, who has been in the investment industry for nearly 20 years, joined Putnam in 1994. He has a B.S. degree from the University of Notre Dame, and an M.B.A. from the University of Chicago.

Kea, a 25-year industry veteran, joined Putnam in 1989. He has a B.A. degree from the University of Massachusetts, Amherst, and an M.B.A. from Bentley College.

Schoen, who has nearly 25 years of investment industry experience, joined Putnam in 1997. He has a B.A. degree from Tufts University and an M.B.A. from New York University, Stern School of Business.

Vaillancourt, who brings 20 years of investment industry experience, has been with Putnam since 2000. He has a B.S. from Northeastern University and an M.B.A. from the University of Chicago.

About Putnam Investments
Founded in 1937, Putnam Investments is a global money management firm with over 75 years of investment experience. At the end of December 2012, Putnam had $128 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Beijing, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

Putnam mutual funds are distributed by Putnam Retail Management.

Putnam Media Contacts:
Jon Goldstein — 617-760-1127 (office), 516-946-5598 (cell), jon_goldstein@putnam.com
Laura McNamara — 617-760-1108 (office), 978-505-0524 (cell), laura_mcnamara@putnam.com

Consider these risks before investing: Our allocation of assets among permitted asset categories may hurt performance. The prices of stocks and bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. Our active trading strategy may lose money or not earn a return sufficient to cover associated trading and other costs. Our use of leverage obtained through derivatives increases these risks by increasing investment exposure. Bond investments are subject to interest-rate risk, which means the prices of the fund’s bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuer of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Unlike bonds, funds that invest in bonds have ongoing fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. The fund’s effort to produce lower volatility returns may not be successful and may make it more difficult at times for the fund to achieve its targeted return. In addition, under certain market conditions, the fund may accept greater volatility than would typically be the case, in order to seek its targeted return. For the 500 Fund and 700 Fund these risks also apply: REITs involve the risks of real estate investing, including declining property values. Commodities involve the risks of changes in market, political, regulatory, and natural conditions. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Additional risks are listed in the funds’ prospectus.

Putnam 529 for America is sponsored by the State of Nevada, acting through the Trustees of the College Savings Plans of Nevada and the Nevada College Savings Trust Fund. Anyone may invest in the plan and use the proceeds to attend school in any state. Before investing, consider whether your state's plan or that of your beneficiary offers state tax and other benefits not available through Putnam 529 for America. If you withdraw money for something other than qualified higher education expenses, you will owe federal income tax and may face a 10% federal tax penalty on earnings. Consult your tax advisor. Putnam Retail Management, principal underwriter and distributor.

Request a prospectus, a summary prospectus or offering statement from your financial representative or by calling Putnam at 1-800-225-1581. The prospectus and offering statement includes investment objectives, risks, fees, expenses, and other information about the funds and Putnam 529 for America that you should read and consider carefully before investing.

Services provided by Putnam may not be available in all countries or to all investors. This document is not an offer to any investor who is not qualified under local law.

Issued in the United Kingdom by Putnam Investments Limited®. Putnam Investments Limited is authorized and regulated by the Financial Services Authority (FSA). This material is directed exclusively at professional clients and eligible counterparties (as defined under the FSA Rules) who are knowledgeable and experienced in investment matters. Any investments to which this material relates are available only to or will be engaged in only with such persons, and any other persons (including retail clients) should not act or rely on this material. Furthermore this material is only intended for the client receiving it directly from Putnam Investments Limited and should not be forwarded to, or relied upon by, the recipient's underlying clients.

Prepared for use with wholesale investors in Australia by Putnam Investments Australia Pty Limited, ABN 50 105 178 916, AFSL No. 247032. This material has been prepared without taking account of an investor's objectives, financial situation and needs. Before deciding to invest, investors should consider whether the investment is appropriate for them.

Prepared for use in Canada by Putnam Investments Inc. [Investissements Putnam Inc.] (o/a Putnam Management in Manitoba). Where permitted, advisory services are provided in Canada by Putnam Investments Inc. [Investissements Putnam Inc.] (o/a Putnam Management in Manitoba) and its affiliate, The Putnam Advisory Company, LLC.

This material is prepared by Putnam Investments for use in Japan by Putnam Investments Securities Co., Ltd. (“PISCO”). PISCO is registered with Kanto Local Finance Bureau in Japan as a financial instruments firm conducting the first financial instruments business, and is a member of Japan Securities Dealers Association. This material is prepared for informational purposes only, and is not meant as investment advice and does not constitute any offer or solicitation in Japan for the execution of an investment advisory contract or a discretionary investment management contract.