Some large pension plan sponsors are asking their external money managers to do more than just invest in a chosen mandate. Instead, plan sponsors are treating managers as more of an extension of their own staff, than as hired guns.
To better service those demands, Putnam Investments, Boston, created a unit geared to working closely with plan sponsors on investment issues beyond buying and selling securities.
Michael deMarco and Paul Rudinoff were selected by Putnam Investments to head the new group.
Mr. deMarco is a senior vice president and senior team member for Putnam's institutional advisory team; he was director-risk management for GTE Investment Management, Stamford, Conn.
A GTE staffer said Mr. deMarco hasn't been replaced.
Mr. Rudinoff, also senior vice president and senior team member, was an international equity investment specialist for Putnam.
Eric Knutzen, managing director, institutional management, will oversee the new institutionally oriented team.
The unit also will allow Putnam portfolio managers to concentrate on investment management, said Mr. Knutzen.
Also, he said that Putnam plans to hire a third senior person for the team.
Later, a quantitative analyst will be hired.