Deals & People February 3, 2009

Putnam Names Fidelity Alum as DC Business Leader

Putnam Investments has named Edmund F. Murphy III, a 25-year industry veteran, as managing director and head of Defined Contribution.
Reported by

In his new role, Murphy will drive Putnam Investments’ defined contribution retirement plan business, reporting directly to Head of Global Marketing and Products Jeffrey R. Carney, according to a press release (see “Fidelity Alum Carney Joins Reynolds at Putnam’).

Most recently, Murphy served as executive vice president of distribution for Personal and Workplace Investing (PWI) at Fidelity Investments. From 2003 to 2007, Murphy was executive vice president of Fidelity Institutional Retirement Services Company with responsibility for its Emerging Corporate Market (ECM) business.

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Murphy previously served as managing director of Fidelity Capital, Fidelity Investments’ private equity and new business development arm, and also served as president and CEO of Veritude, LLC, a contingent staffing firm owned by Fidelity.

Murphy began his career with Merrill Lynch.

The Markets February 3, 2009

UPS Joins 401(k) Match Suspension List

UPS has become the latest employer to pull back on its 401(k) match.
Reported by

The package delivery service reported fourth-quarter net income of $254 million, or $0.25, compared with $2.64 billion—a loss of $2.52 a share a year earlier.

In addition to the 401(k) match suspension, Chairman and CEO Scott Davis said in a statement that UPS has consolidated operating districts, reduced air segments, and eliminated some package handling operations. UPS it is not changing its defined benefit plans.

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“The severe decline in economic activity around the world resulted in sharply lower package and freight volumes for UPS,” said Davis, in the statement. “Consequently, we’re making the tough decisions necessary to adapt our enterprise to today’s realities. This includes changes in organizational structure, compensation, and network configuration.”

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