Putnam Investments opened a representative office in Beijing to pursue what Robert L. Reynolds, Putnam's president and CEO called the “tremendous opportunities” a rapidly evolving Chinese market will present in coming years.
Michael Luo, a veteran of the Chinese market with both institutional and retail experience, will lead Putnam's strategic efforts in China as chief representative of Putnam Investments Beijing, Mr. Reynolds said in a telephone interview.
Putnam currently manages money for Chinese institutional clients, including sovereign wealth funds, and Mr. Luo's efforts initially will focus on that segment of the market, Mr. Reynolds said.
Mr. Reynolds declined to say how much money Putnam currently manages for Chinese institutional investors. In the same interview, Joseph T. Phoenix, head of Putnam Global Institutional Management, noted that roughly a quarter of the $60 billion in institutional assets Putnam manages comes from Asia-based investors.
Mr. Reynolds said Mr. Luo brings a “total skill package” to Putnam that should allow the firm to serve existing clients and pursue new directions and opportunities.
Mr. Luo comes to Putnam from Invesco Great Wall Fund Management in Shenzhen, where he served as assistant CEO and fixed-income director, and established that firm's fixed-income team, according to a statement from Putnam. Before that, according to the Putnam statement, he was an “adviser” with the $400 billion China Investment Corp., Beijing, where he helped establish its fixed-income team.
Invesco spokesman Bill Hensel didn't immediately have information on whether Mr. Luo would be replaced.