US - Steve Oristaglio is to retire as head of investments at Putnam Investments and be replaced by his deputy Kevin Cronin.

He had been in the role since 2002. The departure follows that of its top European executive Stephen Cohen late last year. In November parent firm MMC said Putnam would cut around 100 jobs in a bid to “operate competitively”.

“Though we regret Steve's decision to leave Putnam, I admire that he is taking the opportunity to follow his many interests,” said Putnam chief executive Ed Haldeman.

Oristaglio, who led investment teams at Putnam since 1998, will retire later this year. Spokeswoman Laura McNamara told the Association Press that Oristaglio's departure was "a personal decision”.

Cronin, who joined in 1997, has been deputy head of investments since July 2004 and will report to Haldeman in his new role.

Joshua Brooks and Edward Shadek were named deputy heads of investments. They are chief investment officers for large-cap equities and small-cap equities respectively.

“Both Josh and Ned have played integral roles in building our investment capabilities,'' said Cronin.