Week in Review - March 19, 2024
New Faces in the Front Office
Welcome to this week's News Brief.
This month has brought promotions, poaching and placement within investment teams at some of the industry's largest shops.
Fidelity recently named Melissa Reilly its head of global equity research, triggering a cascade of portfolio manager swaps on several products.
Reilly, who joined the Boston-based firm two decades ago, most recently served as investment chief of the capital appreciation team. Come late September, she will step off of several multi-billion-dollar funds, including the $44.8 billion Balanced Fund and $8 billion Advisor Balanced Fund. Camille Carlstom, who now skippers the industrials and real estate fund lines, will take Reilly's role leading the capital appreciation team.JPMorgan Asset Management, for its part, announced that it has hired John Maier, the former investment chief of Global X, as its chief ETF strategist.
Maier joined Global X in 2017 from Merrill Lynch, where he was the point-person for ETF model-design. JPMorgan, in its announcement, said Maier will lead its ETF Insights program and promote advisor adoption of actively managed strategies, in particular.
Maier was one of several Global X executives to leave last month. The exodus followed the abrupt November resignation of CEO Luis Berruga and CFO John Belanger. Last month, the firm acknowledged "material weaknesses" in the valuations of stocks affecting three funds and said it would adjust audits.
Meanwhile, Franklin Templeton has placed several investment pros inherited through its January acquisition of Putnam Investments in leadership positions. Putnam bond CIO Michael Salm will lead the multi-sector and quant teams for fixed income at Franklin and report to bond chief Sonal Desai.
Brett Goldstein and Robert Schoen, formerly co-CIO's of Putnam's asset allocation group will join Franklin's Investment Solutions team, reporting to Wylie Tollette.Shep Perkins, Putnam's equities CIO, is now CIO and head of Putnam Investments, which will remain a specialist division within Franklin.
Putnam added about $148 billion to Franklin's total assets. About 30% of that money sat in retirement accounts at the time the deal was announced.
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