Putnam Investments has begun a search for a credit analyst to support its high-yield collateralized debt obligation research effort, says Steve Peacher, cio with the Boston-based asset management firm. Peacher says the new hire would work on a day-to-day basis with Neil Reiner, high-yield portfolio manager, although he would report directly to Paul Quitsberg, senior v.p. and head of research.
A senior executive within the firm adds that the new hire is designed to beef up a centralized structured product group, consisting of six staffers. This informal group coordinates the traditional portfolio management roles within the firm with the specialized efforts required to put together structured product portfolios, in particular, CDOs. Three of those key people are portfolio managers, all reporting to Kevin Cronin, managing director and head of fixed-income. Reiner is in charge of high-yield CDOs. Carl Bell, a mortgage-backed securities portfolio manager, is in charge of structuring portfolios for mortgage-backed CDOs. The third person works on loans and would specialize in managing collateralized loan obligations. Two other staffers within this group are quantitative analysts. They report to David Waldman, managing director and head of quantitative research. Another credit analyst reports to Quitsberg. Putnam has already closed several CDOs including three high-yield CDOs and one mortgage-backed CDO.