Putnam Investments' CEO Robert Reynolds says the 401(k) system needs reforms that would better prepare people for retirement and help fuel U.S. economic growth. "Bob has given us the latitude and authority that we need to build a new organization over time," he says. Memorandum from the Office of Commissioner Robert J. Jackson, Jr. regarding an April 9, 2019, meeting with representatives of the Institute for Portfolio Alternatives: Apr. Investor's Business Daily. Reynolds lost out on what he called "the chance of a lifetime" to NFL insider Roger Goodell. The best API to search all podcasts and episodes. Trusted by 2,300 companies and developers. And, oh, what an adventure he has embarked upon. Shutterstock photo. (Three years later Scott and Kamshad settled with the SEC and the state, agreeing to pay a total of $1.5 million in fines and penalties and accepting a one-year ban from the industry.) Speculation that Marsh would sell Putnam to raise cash, which it ultimately did, hampered Haldeman’s efforts to win back clients. Robert Gordon Reynolds is a businessperson who has been the head of 6 different companies. A Certified Public Accountant, Mr. Reynolds … After claiming your Listen Notes podcast pages, you will be able to: Thank you for helping to keep the podcast database up to date. Managed by Jeffrey Knight, head of global asset allocation at Putnam, that strategy turned out to be one of South Carolina’s two best-performing accounts in 2008, notes Borden. podcast pages. If Reynolds had been looking for an excuse to shake up management, the Putnam Prime debacle handed it to him on a platter. The firm posted a net loss of $19 million after paying severance for the departures of about 50 professionals and 10 percent of support staff. In 2006, Reynolds, who had officiated college football games in the Ivy and Patriot leagues for 14 years, told Johnson he was making a bid to become the next commissioner of the National Football League. Robert Mehrabian is an Armenian-American materials scientist and the Executive Chairman of Teledyne Technologies Incorporated (TDY). Episode 7 of the Popular Investor podcast looks at the changing landscape of corporate and personal behaviors and the early indications of new emerging investment trends related to the stock market or business. In January 2005, parent Marsh & McLennan agreed to pay $850 million to its insurance brokerage clients to settle fraud and bid-rigging charges filed by then–New York Attorney General Eliot Spitzer. Many of the new recruits worked with him at Fidelity. "Haldeman never delivered on his promise to fix the investment division, especially the equity products," says Michael Travaglini, executive director of the Massachusetts Pension Reserves Investment Management Board, which had been a longtime Putnam investor. Reynolds, 57, hasn’t wasted any time trying to prove the skeptics wrong. The funds charge a fixed base fee, plus a performance fee that varies with returns. 4. Only eight of the 60 Putnam mutual funds traded by Lipper were in the top quartile of performers in 2008; 14 were in the second quartile, 15 in the third, and the remaining 23 funds in the bottom quartile. The plunge in equity markets since the acquisition has made the deal all the pricier. Climate Change, is it Tesla versus the world? He earned a BA in business administration from the West Virginia University College of Business and Economics in 1974, working night shifts at a Carnation milk factory his senior year to help pay his way. In taking on the Putnam challenge, Reynolds has the benefit of the patient and deep-pocketed Desmarais family. Bidders included Atlanta-based global asset management firm Invesco and Pioneer Investments, the fund management arm of Italy’s UniCredit Group. Robert graduated from Texas A&M with a BBA in Accounting and an MBA. Robert T. Brockman, chief executive of automotive software-maker Reynolds & Reynolds Co., was indicted on charges including tax evasion, money … The firm's tagline, "We work for a world of investors. "It’s a fantastic stock-picking environment when there is confusion and uncertainty.". "Absolutely," Reynolds responded. Heightened inflation caused by the expansion of money and a weaker currency. Reynolds has been driven to succeed for as long as he can remember. Fiscal stimulus has set a firecracker off in financial markets and some of these trends are well and truly priced in for the coming years. He is on the board of Rugby Mining Ltd. and Dacian Gold Ltd. and Member of Australian Institute of Co. Directors and Member of Australasian Institute of Mining & Metallurgy. Login Account. "Once the teams became a certain size, we broke them apart and created smaller teams, and that way we focused on quality, cost, control," Reynolds says. The funds are based on existing Putnam products that specialize in domestic sectors such as utilities and health care. The CEO of Kettering-based Reynolds & Reynolds has been indicted on a … "I think we can turn it around a lot quicker than most people think," he says. The firm risks getting stuck between what are traditionally the most successful types of asset management firms: behemoths such as Fidelity, the Vanguard Group or the Capital Group Cos., which command economies of scale on enormous asset bases of more than $1 trillion each, and lean boutiques that can nimbly manage smaller pools of money with tiny staffs. Then he hired Jeffrey Carney, who had been head of client relations for all retirement products at BofA, as head of global marketing and product development. Events outside Putnam’s control also hurt the firm. Over the past nine months, he has radically overhauled the group’s investment process by eliminating the chief investment officer position, slashing a large team of quantitative analysts and recruiting a new cadre of portfolio managers and analysts, many of them former colleagues from Fidelity. In November he hired Nick Thakore and Robert Ewing, a pair of portfolio managers who had managed large-cap funds at Fidelity until 2002, when they defected to RiverSource Investments, a unit of Minneapolis-based Ameriprise Financial. Investment losses and massive fund outflows caused Putnam’s assets under management to crater to just $106 billion at the end of last year, from a peak of $391 billion in 1999. Predictions: 1. He was Chairman, President and Chief Executive Officer of the company from 2000 to December 31, 2018 and President and Chief Executive Officer from 1999 to 2000. Lasser was blindsided by the Nasdaq crash, however, and by December 2000, the firm had lost $31 billion in assets; revenues dropped 25 percent in 2001, to $2.4 billion. Promoted in 1986 to head of sales of Fidelity Management Trust Co. (now Pyramis Global Advisors), which invests money for institutional clients, he increased the unit’s assets under management from $1 billion to $12 billion in just three years. Putnam’s assets under management plummeted 41 percent last year, to $105.7 billion from $178.5 billion, with redemptions causing $17.2 billion of the decline. So did poor results. We’ll never sell your personal information. Most money managers are struggling to deliver acceptable returns, and they don’t suffer the burden of Putnam’s troubled legacy. In December the firm launched four different versions of the Putnam Absolute Return Funds, two of which invest in equity as well as fixed income. He accepted the resignation of chief of investments Kevin Cronin, who had been with the firm for 12 years, and did not replace him, believing that recruiting top talent and giving them the freedom to call their own shots would produce better results. Vista held … Robert Brockman, chief executive of Reynolds and Reynolds, is alleged to have hidden $2bn (£1.5bn) in income from tax authorities over two decades, using a network of offshore companies. Many in the industry raised eyebrows when Canada’s influential Desmarais family, which controls Power Financial, splashed out some $3 billion to buy Putnam in April 2007, questioning whether they could ever earn a decent return on their investment. You have seen all episodes of this podcast. Matthew, a city-boy, meets Tawni, a country-gal. George Putnam founded his firm with a single fund in 1937 — three years before Congress passed the Investment Company Act of 1940, which gave birth to the U.S. mutual fund industry — and built it into an American institution. The CEO also believes that Putnam needs new products to attract investors. Numuni, a digital marketing and distributed computing technology company headed by marketing industry veteran Robert Reynolds, just announced the move from an R&D focused company to a revenue generating company. This podcast may not release new episodes anymore, and some audios may be broken. Lasser embarked on a dramatic expansion, launching a variety of retail growth, value and bond mutual funds. New York–based Marsh & McLennan bought Putnam in 1970, and under its ownership the firm pushed into institutional money management. "It would be interesting. He has also empowered those managers with a much greater degree of autonomy than had been the norm at Putnam, and motivated them by linking pay to performance. Regeneron Pharmaceuticals {if images are not displaying, view on substack} Industry: Biotech Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines for treating various medical conditions worldwide. The strategy he developed focused on first-rate asset management, service and employee education. If you're happy with cookies click proceed. "Their track record is a little bit discouraging," Morningstar’s Tan says of Ewing and Thakore. Those whose funds are in the second quartile will receive a half bonus, and those who are in the bottom two quartiles will get no bonus. Working with Rob Bloemker, head of fixed income, he devised retail versions of a series of absolute-return funds that Putnam had been selling to institutional investors. Notwithstanding Putnam’s sorry recent record, several companies bid for the brand when Marsh & McLennan put it up for sale in November 2006. Commercial real estate could become farms. A spokeswoman for Reynolds and Reynolds told the New York Times that the company “is not alleged to have engaged in any wrongdoing, and we are confident in the integrity and strength of our business,” and noted that Brockman’s actions occurred “outside of his professional responsibilities.”. He climbed swiftly there and ran the trust department’s sales and business development from 1980 to 1984. "He knows something from Fidelity that most other asset management CEOs have forgotten: A smaller, motivated, accountable team can actually cost less and improve the investor experience," says Donald Putnam, a distant relative of George Putnam’s, who is managing partner at New York–based Grail Partners, which advises asset management firms on mergers and acquisitions. The company has collaboration and license agreements wit… The NFL looked at nearly 200 candidates and in August 2006 interviewed five finalists, three of whom — including Reynolds — were from outside the NFL. Managers and analysts of funds that are in the top quartile over a rolling three-year period will receive a full bonus that is a multiple of their base salary. Facebook gives people the power to share and makes the world more open and connected. Factoring in the current corporate infrastructure & demographics a full-scale trend change is likely to take at least 5 years into 2025 (teaching an old dog new tricks is difficult, we might need to wait until Boomers have left the labor markets). Reynolds, moreover, is trying to pull off a turnaround in the most challenging market environment in decades. "The new culture here is all about performing." It is a great, free way to engage the podcast community and increase the visibility of your podcasts. Some industry observers who know him well say that if anyone can fix Putnam, Reynolds is the one to do it. Most recently, he introduced a pair of mutual fund series, one designed to achieve absolute returns and the other to invest in global equities, in a bid to attract investors. ", Still itching for the chance to run his own show, Reynolds jumped when a former colleague offered to hook him up with the new Canadian owners of Putnam Investments, the once-proud mutual fund outfit that had been on the skids for nearly a decade. After subtracting $550 million in tax benefits on the deal and a $350 million value on the THL stake, Orr puts the actual cost at about $3 billion. Massachusetts Pension Reserves Investment Management, which like many pension funds was required by its rules to fire any firm that was caught up in the scandal, withdrew $1.75 billion in assets. . On September 18, Reynolds closed the fund; four days later the Federal Reserve Board announced an insurance program for money market managers. Today, his holding company, Power Corp. of Canada, is the country’s fifth-largest business by revenues, generating C$37.1 billion ($30.3 billion) last year; net income was C$868 million. The $12.3 billion Putnam Prime Money Market Fund was hit even though it had no exposure to Lehman. That price tag was at least three times the benchmark valuation for long-only asset managers, which is roughly ten times expected earnings before interest, taxes, depreciation and amortization. Keys to retirement readiness, Posted on July 9, 2014 (July 14, 2014) by Robert L. Reynolds, President and CEO, Putnam Investments in Retirement/Income; Advice among top 3 factors of successful saving, Posted on June 6, 2013 by Robert L. Reynolds, President and CEO, Putnam Investments in Retirement/Income Reynolds joined Fidelity in 1984 as senior vice president, and he quickly established a reputation as a business builder. "We are a long-term shareholder, we are committed to making Putnam a success, we think we have the right team in place, and we are very, very supportive.". Reynolds Securities was a publicly traded brokerage firm. 3. "Everyone is going to come out of this market in pretty much the same condition," he explains. On September 16 the Reserve Primary Fund, one of the largest money market funds in the U.S., announced that its share price had fallen below the sacred $1.00 mark because of losses on securities of the collapsed Lehman Brothers Holdings, sparking a rush of redemptions across the industry. But that business was flagging in 1985 when Lawrence Lasser, a 16-year Putnam veteran, became CEO. "I was always very ambitious. They had better be, because Putnam has already taken a toll on its owners. Robert E. Reynolds is Former Associate at Canaccord Adams. Ewing, a 40-year-old native of Darien, Connecticut, also welcomes the carte blanche Reynolds is offering. He helped Fidelity break into institutional money management in the late 1980s, spearheaded the firm’s rise to dominance of the 401(k) business in the 1990s, and then from 2000 oversaw all of the company’s operations as vice chairman and COO. Robert Brockman Photo from ReyRey.com . Haldeman’s solution was to develop a large quantitative research team with some of its members stationed in the fundamental stock-picking teams. But he insists that the firm will emerge from the current financial turmoil stronger than when it entered. He assumed this position January 1, 2019. Michael Shari April 07, 2009 This content ... Institutional Investor LLC is part of the Euromoney Institutional Investor PLC group. Putnam stood out during the market-timing scandal because two of its fund managers — Omid Kamshad and Justin Scott — were charged in a separate SEC civil lawsuit that accused them of personally trading rapidly in and out of their funds. View Robert Reynolds - CIM®’s profile on LinkedIn, the world’s largest professional community. I always wanted more," he says. Join Now. Fewer still can match its dizzying fall from grace: Putnam bet heavily on technology stocks only to be whipsawed by the collapse of the Nasdaq Stock Market in 2000, was tarnished by the market-timing scandal in 2003 and 2004 and then suffered from years of poor performance and ownership uncertainty. The longtime Dayton company at the time was a rival of the company Brockman started in 1970, Universal Computer Systems. October 15, 2020 at 4:24 pm EDT By WHIO Staff and Associated Press. Robert T. Brockman, a Houston software tycoon, was charged with using a web of Caribbean entities to hide $2 billion in income in what prosecutors called the … One at a time." Prior to founding Falcata, Robert has held several positions at Reynolds and Reynolds including Treasurer and Senior Vice President of Corporate Development overseeing Reynolds' M&A activities and managing many of its operating companies. CARSON, Calif.-- Leiner Health Products today announced the appointment of Robert Reynolds as Chief Financial Officer effective immediately. Whether you get where you want to get is always an adventure.". Robert L. Reynolds. Can Robert Reynolds Save Putnam? Founded in 1931 by Richard S. Reynolds, Jr., the firm merged with Dean Witter & Co. to form Dean Witter Reynolds Organization Inc. in 1978, which was then the biggest merger in the history of Wall Street.. After some months spent working out the details, Reynolds took over in July. "It will be a few years before investors can really trust Putnam again," says Wenli Tan, an analyst at Chicago-based investment research firm Morningstar, which is known for its influential ratings of mutual funds. The 401(k) business had grown to about $300 billion in assets by the time Reynolds was promoted to chief operating officer of Fidelity in 2000 — and to some $600 billion by the time he left the company, more than twice the size of the No. "Lasser’s commitment to growth equities in the late 1990s, particularly in technology, was the beginning of the undoing of Putnam," says Geoffrey Bobroff, president of Bobroff Consulting, an East Greenwich, Rhode Island–based mutual fund consulting and advisory firm. View Robert E. Reynolds’s professional profile on Relationship Science, the database of decision makers. Robert has 2 jobs listed on their profile. The Popular Investor. But he began sensing he had hit a plateau at the firm and started looking for an outlet. Brockman purchased Reynolds and Reynolds in 2006. It’s too early to tell whether Reynolds’s changes will bear fruit, but the stakes couldn’t be higher. "I had gone as far as I could go in the company," says Reynolds. "That’s how Putnam is going to be Putnam again.". So in April 2007 the tall, heavyset West Virginian swallowed his pride, walked into Johnson’s office and resigned. Reynolds has already recruited 27 new portfolio managers and analysts while slimming Putnam’s ranks of investment professionals by 27, to a total of 149. Robert Reynolds is on Facebook. Robert Reynolds had built a very impressive résumé in nearly 25 years at Fidelity Investments, the Boston-based mutual fund powerhouse. Next, in November, Reynolds took an ax to Putnam’s quantitative research team, reducing it to ten from 25 and limiting their role to screening stocks for the fundamentals teams. Eight months later he walked out for good. "This market creates opportunities that are unusual," he says. In 2003, Putnam became embroiled in the market-timing scandal, one of a dozen firms accused by the Securities and Exchange Commission of allowing a few large investors to trade rapidly in and out of mutual funds at the expense of small investors. To give portfolio managers and analysts an incentive to perform, Reynolds is breaking with tradition at Putnam by linking pay to performance. Work from anyway (not straight forward). ROBERT K. REYNOLDS has been Executive Vice President, Chief Operating Officer and Secretary of the Company since 1992 and a director since 1994. Investment Trends (2020) Life After Lockdown. Robert from The Popular Investor podcast reveals all of his financial market insights & ... Disclaimer: The podcast and artwork embedded on this page are from Robert Reynolds, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc. Haldeman was promoted to CEO and spent months negotiating with the SEC and the Commonwealth of Massachusetts. Great-West won the contest in April 2007 by paying a whopping $3.9 billion for Putnam and its 25 percent stake in private equity firm Thomas H. Lee Partners. In January 2008, over a Tuscan meal at Via Matta, a restaurant in Boston’s tony Back Bay neighborhood, Jeffrey Orr, the CEO of Montreal-based Power Financial Corp., asked Reynolds if he would consider taking over as president and CEO and trying to turn Putnam around. (The firm has rated 33 of 56 Putnam funds that it tracks with just one or two stars, out of a possible five. ), Reynolds is staking his reputation on proving that he can regain investors, though. Few firms can match the rich heritage of Putnam: Founded by visionary investor George Putnam more than 70 years ago, it managed one of the first U.S. mutual funds, diversified into institutional money management and then international equities under the ownership of insurance giant Marsh & McLennan Cos. and by the end of the 1990s ranked as the 12th-largest money manager in the U.S. He maintained growth by constantly reorganizing the investment management and client-facing teams. The bull market kept the 401(k) business roaring ahead, and when growth in the institutional business slowed, Reynolds in 2004 replaced its senior managers, renamed the unit Pyramis and saw assets grow at a compound annual rate of 21 percent for the next three years, ahead of the 15 to 20 percent pace of its rivals. "It was always a family-owned, family-run business, and there was nothing that would persuade me that that was going to change. In the latter half of the 1990s, the firm rode the run-up of technology stocks; assets soared, and revenues more than doubled, from $1.3 billion in 1996 to $3.2 billion in 2000. Reynolds will have to do much more if Putnam is to become competitive again. If you are a podcaster, the best way to manage your podcasts on Listen Notes is by claiming your Listen Notes To back them up, Reynolds brought in three other portfolio managers with long track records — two from Kansas City, Missouri–based American Century Investments and one from MFS Investment Management in Boston — as well as a new head of equity trading from RiverSource, and about a dozen analysts to work at Putnam’s offices in Boston, London and Tokyo. By that score, Ewing has his work cut out for him. Putnam did not disclose ebitda, but it did report an operating profit of $83 million in 2007. Search past episodes of The Popular Investor. Robert Reynolds had built a very impressive résumé in nearly 25 years at Fidelity Investments, the Boston-based mutual fund powerhouse. The son of a Metropolitan Life Insurance Co. salesman and a hospital switchboard operator, he grew up with three siblings in a modest house in Clarksburg, West Virginia, a gritty industrial town with glass factories and coal mines nearby. After graduation, he took a sales job in the trust department of a local bank, Wheeling Dollar Bank (now WesBanco), then moved two years later to a similar position at North Carolina National Bank, now part of Bank of America Corp., in Charlotte. Through its Power Financial subsidiary, it controls Great-West Lifeco, the biggest life insurer in Canada, with a roughly one-third share of the market and is the country’s largest fund manager, overseeing a combined C$101.7 billion in assets at Great-West and three mutual fund managers: Counsel Group of Funds, Investors Group and MacKenzie Financial Corp. Having grown as large as they can in their home market, the Desmarais family has long had designs on the U.S. Putnam is "a small piece financially but a large piece strategically" of the family empire, says Power Financial CEO Orr. He also played quarterback for his high school football team. In 2006, Vista Equity, along with Goldman Sachs, helped finance Brockman's $2.8 billion takeover of Dayton, Ohio-based Reynolds and Reynolds. Great-West took a $1.18 billion write-down last year to reflect the deterioration in Putnam’s value. Robert from The Popular Investor podcast reveals all of his financial market insights & investment strategies so you can be ahead of the curve with your investment portfolio. Ceo and spent months negotiating with the SEC and the Commonwealth of Massachusetts Reynolds will have do.... 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