BOSTON – Robert Paine, a bond manager at Putnam Investments, left the firm to become head of distressed debt at Stanfield Capital Partners, the Boston Globe reported.
Paine, who worked at Putnam for 15 years, oversaw $1 billion of distressed debt and junk bonds. Bloomberg News reported that his departure from Boston-based Putnam, a unit of Marsh & McLennan Cos., was unrelated to the firm’s recent move to close or merge 11 of its 66 mutual funds, including one junk bond fund, Paine said.
New York-based Stanfield, which is partly owned by Bermuda insurer XL Capital Ltd. and manages almost $8 billion, is raising a distressed debt fund that Paine will manage, the Globe said.
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