Putnam's head of global institutional management leaving firm

Joseph Phoenix, head of Putnam Investments' global institutional management, will leave the firm at the end of this month to pursue other opportunities, according to the company President and CEO Robert L. Reynolds.

Mr. Phoenix joined the firm in 1989.

In the interim, senior leadership of the global institutional business will report directly to William T. Connolly, head of global distribution at Putnam.

The firm expects to announce a successor sometime in 2014, but has no date yet set.

“We're talking to several people, but the real key for us is to get the right person,” Mr. Reynolds said in a telephone interview.

In addition, in order to expand its institutional money management capabilities, Putnam is looking to hire salespeople and a consultant relations director to expand its presence in the U.S. and Europe. Ideally, the company is looking to hire one sales representative to cover the U.S. and one to cover continental Europe, and also to hire one person to join the firm's consultant relations team in the U.S.

“We're pretty far along in the process,” Mr. Reynolds said, adding that the company expects to announce new hires in the sales division early in the first quarter of 2014.