Jeffrey L. Knight was named vice president and head of global asset allocation at Columbia Management.
The position is new. Colin Moore, chief investment officer at Columbia, previously led the global asset allocation team, which has $56 billion in assets under management.
Mr. Knight was head of global asset allocation at Putnam Investments; he left the firm two weeks ago and was replaced by co-heads James Fetch, Robert Kea, Robert Schoen and Jason Vaillancourt.
“We wanted someone who was focused on global asset allocation,” Mr. Moore said in an interview. “We also want to expand out into the institutional and global market.”
In the same interview, Mr. Knight said his new job “is almost a too-good-to-be-true position” because he will step in to an existing experienced investment team. “We don't have to reinvent anything, just direct the team and hopefully expand our business.”
Mr. Knight's appointment comes as Columbia sees more investor interest in risk allocation, an area in which Mr. Knight is well-versed, Mr. Moore said.
“Risk allocation has become increasingly important,” Mr. Moore said. “We want to show our clients our expertise in this area.”