Steven McKay was named head of defined contribution investments only at Putnam Investments, said spokesman Jon Goldstein on Wednesday.
Mr. McKay replaces Peter Whitman, who will “continue to oversee the sales effort of the small and midsize DCIO business at Putnam” and report to Mr. McKay, said Mr. Goldstein in an e-mail. “Moving forward there will be an increased focus on the core, large and mega-plans under Steve’s leadership,” Mr. Goldstein added.
“Steve assumes this role at a time when we believe there is a tremendous opportunity to expand our presence in the dynamic DCIO marketplace,” said Jeffrey Gould, head of global institutional management, in a news release. “His two decades of experience in the defined contribution and broader investment management sector will prove invaluable as he leads our efforts in this important business.”
Mr. McKay reports to Mr. Gould.
Mr. McKay was vice president and sales manager for large market defined contribution at Empower Retirement. Empower is consolidating the large market sales teams with two other sales teams, said Steve Gawlik, an Empower spokesman, in an e-mail. The consolidated teams will be run by Vice President Casey Craig.
“He will be responsible for driving sales strategy and growth through retirement plan sales, retention and consultant and intermediary relations,” Mr. Gawlik wrote.
