Shep Perkins and Aaron Cooper, both Fidelity Investments veterans, will join Putnam Investments this summer amid a revamp of Putnam's international investment organization and a continued strengthening of its research capabilities, according to an internal memo obtained by Pensions & Investments.
The memo, signed by Walter C. Donovan, Putnam's chief investment officer, said Mr. Perkins, a portfolio manager who had overseen the $8.4 billion Fidelity Mid-Cap Stock Fund, will become co-head of international equities at Putnam, joining fellow co-head Simon Davis, who works in Putnam's London office.
Mr. Perkins assumes that co-head of international equities role from Joshua Byrne, a managing director as well as portfolio manager of the $1.5 billion Putnam International Equity Fund, who is leaving “to pursue other interests,” according to the memo. Mr. Byrne couldn't immediately be reached for comment.
According to the memo, Mr. Davis will take over as manager of the Putnam International Equity Fund.
Mr. Cooper, who was a managing director of research at Fidelity, will join Putnam as a director of global equity research. He will effectively fill a role left vacant when Andrew Matteis, Putnam's director of global large-cap equity research, left the company in June to become director of research at Pyramis Global Advisors, Fidelity's institutional unit.
Fidelity spokesman Vin Loporchio confirmed that Messrs. Perkins and Cooper are leaving Fidelity. He said Fidelity is considering various options regarding Mr. Cooper's vacancy. Meanwhile, the firm has identified a strong candidate to replace Mr. Perkins as manager of the Fidelity Mid-Cap Stock Fund, and will announce that decision soon, he said.
In addition to Mr. Byrne's departure from Putnam, Shigeki Makino, head of global equities at Putnam as well as portfolio manager of the $900 million Putnam Global Equity Fund, will likewise leave to pursue other interests, according to the memo.
Mr. Makino couldn't immediately be reached for comment.
According to the memo, Darren Jaroch, a portfolio manager at Putnam, will assume responsibility for the Putnam Global Equity Fund on an interim basis.
Reached by telephone, Putnam spokesman Jon Goldstein confirmed the appointments of Messrs. Perkins and Cooper, as well as the departures of Messrs. Byrne and Makino. He declined to comment further.