EUROPE – Putnam Investments has named Heather Arnold as director of European equities.

Putnam said she would join its international equities group from Toronto’s Alternum Capital, where she was a founding partner and portfolio manager. Before that she worked for Franklin Templeton as a senior vice president and portfolio manager in global and international equities.

She will be based in Boston and replaces Nick Melhuish who left this summer.

Meanwhile, the firm’s Benelux account manager Jane Henderson has left the company. A spokeswoman was not able to say where she had gone.

Putnam Investments has around 271 billion dollars in assets under management.

Putnam, part of Marsh & McLennan Cos., has been subpoenaed by securities regulators in Massachusetts as part of an investigation into its mutual fund business.

And Massachusetts state treasurer Tim Cahill was quoted as saying in an interview with Reuters that the state's 28 billion-dollar pension fund has put Putnam on its watch list.