Putnam Gets New Head Trader

Putnam Investments replaced its head trader. The big money manager hired Daniel Farrell, previously a vice president of equity trading at RiverSource Investments.

Farrell replaces Rich Block, who is leaving the firm. Farrell’s hire is not the first from RiverSource by Putnam. Earlier it brought aboard portfolio managers Nick Thakore and Robert Ewing from RiverSource to lead large cap equity.

“High-quality equity trading is vital to any asset manager,” Putnam president and chief executive officer Robert Reynolds said in a statement.

Farrell worked at RiverSource from 2003. Before that he was an equity trader at MFS Investment Management.