GLOBAL – John Boneparth is to head Putnam Investments’ global institutional business following the resignation of John Brown.

A Putnam spokeswoman said Boneparth, who currently oversees the firm’s international business, will assume responsibility for institutional business in the US and abroad.

She said that Brown, senior managing director and head of institutional management, is to leave at the end of this month.

Chief executive Charles Haldeman said in a memo that Brown wanted to “pursue personal interests and more focused time with his family”. Brown worked at Putnam for seven years.

Senior MD Rich Monaghan will run domestic and foreign retail management and shareholder communications.

Putnam has had a high-profile role in the market-timing scandal which hit the US mutual fund industry last year. In April it agreed to pay federal and state regulators a total of 110 million dollars.

Putnam has 214 billion dollars in assets under management, which includes 65 billion dollars in institutional assets.