Thomas Hoey has left Putnam Investments Inc., Boston, where he had led the portfolio management team for the company's $743 million midcap value fund, for personal reasons, said Putnam spokeswoman Laura McNamara. Edward Shadek, chief investment officer of Putnam's small-midcap equity value strategy, will assume Mr. Hoey's responsibilities. James Polk, a portfolio manager and senior analyst on the small and midcap team, also will become a member of the midcap value fund team.
Also, Graham Spiers, a portfolio manager on Putnam's global asset allocation team, left for personal reasons, Ms. McNamara said. Bruce MacDonald, a portfolio manager on the asset allocation team, will replace Mr. Spiers. Ms. McNamara said she had no information on where Mr. Hoey and Mr. Spiers are going, but said their departures weren't related to recent market-timing controversies.
Michael Sager also was hired as a senior vice president, portfolio manager and head of quantitative research in Putnam's currency group. He replaces Collin Crownover, who is taking a London-based job with Citibank. Previously Mr. Sager served as head of foreign exchange research in London with J.P. Morgan Fleming Asset Management, New York. A Morgan spokeswoman declined to comment on Mr. Sager's departure.