Steve Oristaglio stepped down as head of investments at Putnam Investments and will retire after his successor, Kevin Cronin, current CIO of core fixed income and deputy head of investments, is established in the position, the company announced today. Mr. Cronin, a managing director, will be replaced as deputy head of investments by Joshua Brooks, managing director and CIO for large-cap equities, and Edward "Ned" T. Shadek Jr., managing director and CIO for small-cap equities. Messrs. Cronin, Brooks and Shadek will retain their current titles. In a telephone interview, Mr. Oristaglio, who will turn 50 this year, said he had long planned to pursue an opportunity with a smaller, entrepreneurial venture at this point in his life, possibly in alternatives.
Kevin Pakenham, a managing director at Putnam Lovell NBF, was named head of the firm's London office and John Griff, the firm's New York-based president, took on the additional title of head of global investment banking, a company spokesman confirmed. Messrs. Pakenham and Griff replace Ian Brimecome, former managing director and global head of investment banking as well as head of the firm's London office. Mr. Brimecome left the company after his contract expired on Dec. 31, the spokesman said. Information on Mr. Brimecome's plans wasn't immediately available.
Eric Stanton Goodbar was named director of hedge fund strategies at Mellon Capital Management. It is a new position. He will be based in San Francisco and will assist in developing new hedge fund strategies. He had been president of the hedge funds-of-funds unit of EGM Capital but chose to leave when his job was changed as the result of a management buyout of EGM, said Bill Grayson, president of EGM.
Philipp Levy joined hedge fund manager Paulson & Co. as managing director for business development. He will oversee strategic business development and asset gathering, a new position. Mr. Levy was senior managing director at Bear Stearns, responsible for the operations of the capital introduction group. Michelle O'Brien, a Bear Stearns spokeswoman, said the firm was evaluating how to replace Mr. Levy.
Ludger Hentschel was hired as director of equity research at NYLIM Equity Investors, a recently formed division of New York Life Investment Management. It is a new position. Mr. Hentschel was an associate professor at the University of Rochester's Simon School of Business.