Robert Sweeney, a veteran high-grade energy analyst, left
last Thursday and will join
as a director in its investment-grade research effort. Sweeney declined comment
andJoe Labriola, head of research at BNP, did not return calls. It is assumed,
however, that Sweeney was brought in to replace
Dan Scotto, who was released from the
firm last year (BW, 5/20). Individuals familiar with Sweeney's thinking on the matter say that he has made it perfectly clear to them that
widely discussed turmoil within Putnam's bond operations this year is the reason for his departure. Calls to
Quistberg, Putnam's head of fixed-income research, and
Peacher, cio, were not returned.
Several fixed-income executives on the buy- and sell-sides say that compensation at Putnam was particularly low this year, even by
the diminished standards across other Street firms. A sell-side executive close to Putnam says he believes defections of firm employees have been a
more serious issue than lost asset management mandates. He would not elaborate, however.