Putnam Adds Ex-Morgan Stanley Executive Greg Fleming to Board

By Justin Baer 

Putnam Investments, the $151 billion money manager, added veteran investment-bank executive Gregory Fleming to its board of directors, people familiar with the matter said.

The appointment marks Mr. Fleming's reappearance in the financial-services industry since his January departure from a senior leadership role at Morgan Stanley. He currently is serving as a senior research scholar at Yale Law School, where he is teaching this year.

Mr. Fleming was an investment banker to money managers before ascending to senior roles at two of Wall Street's most-storied firms, Merrill Lynch & Co. and Morgan Stanley. He stepped down as head of the latter's wealth-management business earlier this year amid signs he wasn't in position to succeed James Gorman as Morgan Stanley's chairman and chief executive.

Putnam is owned by Great-West Lifeco Inc., a unit of Power Financial Corp. Power Financial's co-chairman, Paul Desmarais Jr., had served on Merrill's international advisory council during Mr. Fleming's run as the firm's co-president.

Boston-based Putnam manages more than 80 mutual funds.

--Peter Rudegeair and Liz Hoffman contributed to this article.

Write to Justin Baer at [e-mail]

(END) Dow Jones Newswires

August 24, 2016 17:29 ET (21:29 GMT)

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