« Back | Press release: June 6, 2012
Putnam Investments Opens Office in China
Boston-Based Investment Management Firm Continues to Develop Presence in Asia
Putnam Investments today announced the official opening of its office in Beijing, representing the firm’s first foothold in China, and the latest step in the building of its presence in strategic markets within Asia, Europe, the Middle East and North America. The new Representative Office, to be managed by Michael Luo, Chief Representative, Putnam Investments Beijing, will represent the firm’s capabilities in building and managing relationships with governmental and private institutions across China. Mr. Luo will also be responsible for developing Putnam’s longer-term strategy in the country. Luo reports directly to Joseph T. Phoenix, Head of Putnam Global Institutional Management.
Headquartered in Boston, Putnam has an existing presence in Asia and Australia through an investment office in Singapore, and sales and client service offices in Sydney and Tokyo. In addition, the firm has offices in a number of other markets around the globe, including London, Frankfurt and Amsterdam. Putnam will be looking to its Beijing office to assess intermediate- and long-term business opportunities and to evaluate future staffing needs in China.
“With the opening of our Beijing office, Putnam is placing an important stake in the ground to potentially offer our investment management, product design and distribution expertise to one of the most important growth markets in the world,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “As the financial industry continues to develop in China, we think there is tremendous opportunity for a deep-rooted, global asset manager to help their major institutions with the type of fundamental research-driven active investment approach that a firm like Putnam can bring to the equation. We look forward to beginning this journey.”
Reynolds noted that the firm is looking forward to building upon its successful experiences elsewhere in the region, including the growth of its business in Japan and expanding investment research presence in Singapore.
Phoenix, in commenting on the new Beijing office, said, “We have been very pleased with the response of the global institutional marketplace to the talent, performance and thought leadership emanating from Putnam in recent years, through the firm’s work with corporations, public and private pension plans, sovereign wealth funds, foundations and endowments. In particular, we think the China market represents the next frontier to benefit from world-class investment management capabilities and that there is no better place to launch our firm’s entry into that process than Beijing.”
Luo joined Putnam from Invesco Great Wall, based in Shenzhen, where he established a fixed income team and focused on growing the firm’s China-based institutional client relationships through the representation of their global investment products. Prior to that, Luo was an advisor with China Investment Corporation, based in Beijing, where he helped establish the firm’s fixed income team, as well as actively researched and selected global investment managers to run the sovereign fund’s key investment mandates. Luo began his career in investment research and portfolio management with Morgan Stanley Investment Management in 1998, after receiving his M.S. in Financial Engineering from Columbia University.
Luo joins a global distribution team that includes professionals covering Asia, the Middle East, Europe and North America serving both plan sponsors, global sovereigns and consultants.
“Michael’s addition completes another phase of our global expansion, and he joins an experienced team of professionals who bring a diverse experience set to their roles,” said Phoenix. “Throughout this build-out, we have focused on hiring the best people for each of our core strategic geographies and believe we have assembled one of the most experienced and knowledgeable distribution teams in the industry.”Putnam Investments Singapore
Putnam established an office in Singapore in 2008, which currently houses several high-level equity investment analysts, who contribute insight on regional securities. Presently, there are plans to add additional staff in the months ahead, dedicated to investment research.Putnam Investments Japan
The firm’s largest presence in Asia is in Japan where it manages approximately $5.8 billion in assets, much of which is managed through its partnership with Nissay Asset Management (NAM). The firm has an office in Tokyo, which provides clients with product management and development, client service and compliance assistance. Putnam first established its Tokyo office in 1983, making it one of the earliest U.S. entrants into that market.
Putnam’s office in Sydney, established in 2003, addresses the sales and client service needs of the Australian and Southeast Asian markets. The firm continues to develop its in-market presence through an array of business relationships, including working with some of the region’s largest sovereign wealth, government and superannuation funds.
Founded in 1937, Putnam Investments is a leading global money-management firm with nearly 75 years of investment experience. At the end of April 2012, Putnam had $124 billion in assets under management. Mutual fund assets were $62.4 billion. Institutional assets were $61.3 billion. Putnam has offices in Boston, Beijing, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit putnam.com.
Regulatory Information: The new Beijing office, formally the Putnam Investments Limited (UK) Beijing Representative Office, is subject to oversight by the China Securities Regulatory Commission in Beijing. Putnam Investments Australia Pty Limited, ABN 50 105 178 916, AFSL No. 247032, is Putnam’s Australian subsidiary dealing with wholesaler investors. Putnam Investments Securities Co., Ltd. is registered with the 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. The Putnam Advisory Company, LLC Singapore Branch is an exempt financial adviser under Singapore’s Financial Advisers Act, Chapter 110 and an exempt fund manager under the Securities and Futures Act, Chapter 289.
In the United States, Putnam Funds are distributed by Putnam Retail Management.