Stepan Co., Northfield, Ill., hired Putnam Investments to manage $19 million in a midcap to large-cap equity style, said Andrew Koszyk, manager, credit and banking.
Assets came from a firm that Mr. Koszyk declined to name, because he said the hiring is more a result of Putnam's fine record, not a poor job from the previous firm. He said the firm remains as a fixed-income manager for Stepan.
Stepan has $66 million in defined benefit, defined contribution and non-pension investment assets, Mr. Koszyk said.
Performance Analytics assisted with the hiring, he said.