Putnam Investments announces appointment of New Fixed Income Chief Investment Officer

Putnam Investments has announced that its current Chief Investment Officer of Fixed Income, William Kohli, will be retiring from the firm and industry in June 2021, and will be replaced by Michael Salm.

Salm has been a fixed income leader and portfolio manager at the firm for over 20 years, and has been named as Co-CIO, effective immediately, and will succeed Kohli as Fixed Income CIO in mid-2021, Putnam said in a press release.

Aaron Cooper, Chief Operating Officer, Putnam, said: “Bill has provided tremendous leadership and vision in his work with the Putnam Fixed Income team for over 25 years and has helped to develop the firm’s highly regarded talent and capabilities in this important investment area. In Mike Salm, we have a deeply experienced, savvy investor and thought leader who has worked closely with Bill for many years and is ideally suited to carry on Putnam’s strong fixed income legacy.”

Cooper indicated that Kohli and Salm will continue their close collaboration over the next ten months to ensure a seamless leadership transition with the Fixed Income team. Additionally, Putnam’s team-based approach, with multiple portfolio managers, will allow for a smooth transition of Kohli’s portfolio management responsibilities next year, reports the firm.

In discussing his pending retirement, Kohli said, “While excited for my next chapter, I am proud and honoured to have represented Putnam for the past 25-plus years and feel privileged to have been associated with my professional colleagues, investors and clients. I have total confidence in Mike’s ability to lead Fixed Income and look forward to our continuing partnership in the coming months.”

Putnam manages over USD75 billion in fixed income assets for retail, institutional and retirement clients. The firm has a breadth of expertise in areas such as investment-grade and high-yield credit, liquid markets, structured credit, emerging-market debt, money markets, portfolio construction and tax-exempt securities.

Kohli, who has been in the investment industry for nearly 30 years, joined Putnam in 1994. Prior to becoming Chief Investment Officer of Putnam Fixed Income in 2016, he had been a Co-Head of the team. In addition to his broader leadership and institutional management responsibilities, Kohli is a portfolio manager of Putnam Diversified Income Trust, Putnam Fixed Income Absolute Return Fund, Putnam Global Income Trust, Putnam Master Intermediate Income Trust, Putnam Premier Income Trust and Putnam Short Duration Bond Fund.

Before joining Putnam, Kohli held senior portfolio management roles at Franklin Advisors/Templeton Investment Counsel.

Salm, a 30-year industry veteran, joined Putnam in 1997 and has served as Co-Head of the Fixed Income Group since 2011. His responsibilities include managing a number of institutional offerings, as well as alternatives strategies under the firm’s 37 Capital brand. Also, Salm is a portfolio manager of Putnam Diversified Income Trust, Putnam Global Income Trust, Putnam Fixed Income Absolute Return Fund, Putnam Income Fund, Putnam Master Intermediate Income Trust, Putnam Mortgage Securities Fund, Putnam Premier Income Trust and Putnam Ultra Short Duration Income Fund.

Prior to Putnam, Salm held various investment, trading and research responsibilities at BlackRock Financial Management, Nomura Securities, Nikko Securities and Fitch Investor Services.