Putnam Adds Ex-Morgan Stanley Executive Greg Fleming to Board
August 24 2016 - 5:44PM
Dow Jones News
By Justin Baer
Putnam Investments, the $151 billion money manager, added
veteran investment-bank executive Gregory Fleming to its board of
directors, people familiar with the matter said.
The appointment marks Mr. Fleming's reappearance in the
financial-services industry since his January departure from a
senior leadership role at Morgan Stanley. He currently is serving
as a senior research scholar at Yale Law School, where he is
teaching this year.
Mr. Fleming was an investment banker to money managers before
ascending to senior roles at two of Wall Street's most-storied
firms, Merrill Lynch & Co. and Morgan Stanley. He stepped down
as head of the latter's wealth-management business earlier this
year amid signs he wasn't in position to succeed James Gorman as
Morgan Stanley's chairman and chief executive.
Putnam is owned by Great-West Lifeco Inc., a unit of Power
Financial Corp. Power Financial's co-chairman, Paul Desmarais Jr.,
had served on Merrill's international advisory council during Mr.
Fleming's run as the firm's co-president.
Boston-based Putnam manages more than 80 mutual funds.
--Peter Rudegeair and Liz Hoffman contributed to this
article.
Write to Justin Baer at justin.baer@wsj.com
(END) Dow Jones Newswires
August 24, 2016 17:29 ET (21:29 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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