Paul D. Scanlon, managing director and portfolio manager, was promoted to team leader for U.S. high-yield investing at Putnam Investments, and Anton D. Simon, managing director and senior portfolio manager, was named head of European high-yield investing, said Nancy Fisher, spokeswoman. Mr. Simon established Putnam's European high-yield capability at New Flag Asset Management, which he co-founded in 1999 and was acquired by Putnam in 2002. Messrs. Scanlon and Simon replace Stephen C. Peacher, who is resigning, said Ms. Fisher. Mr. Scanlon will replace Mr. Peacher as portfolio leader for the Putnam High Yield Trust, High Yield Advantage and Floating Rate Income funds and Managed High Yield Trust, and as team member of Putnam Diversified Income, Putnam Master Intermediate Income and Putnam Premier Income trusts, according to a news release. Mr. Peacher, in a telephone interview, said he will join Columbia Management Group to head the firm's taxable fixed-income product. Columbia spokesman Tom Gariepy said Columbia is "very pleased" that Mr. Peacher will be taking on a leadership position at the firm.
Doreen Mochrie joined multistrategy hedge fund Cyprus Capital Partners as a managing partner and director of marketing, a new position. She was a managing director of marketing at Lombard Odier Darier & Hentsch. Ms. Mochrie said she moved to Cyprus because it was a good opportunity to be an equity partner in the firm. "I had five good years at Lombard Odier," she said. Cyprus was launched Jan. 1 as a spinoff from Och-Ziff Capital Management Group. Joseph Gieger, president of Lombard Odier's North American business, said he has not yet determined if Ms. Mochrie will be replaced.
Steve Crosby was named head of TowerGroup's securities and investments consulting unit, a new position, confirmed Faye Nikolaidis, spokeswoman. He will be based in TowerGroup's Westport, Conn., office. Mr. Crosby was executive vice president at British Telecom responsible for the company's financial services operations in the Americas; information on a replacement for him was not available.