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Trading Technology

10:25 PM
Leslie Kramer, Contributing Writer
Leslie Kramer, Contributing Writer
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Putnam Investments Works to Compete in a Fragmented, More-Complex Market

Head of Global Equity Trading Richard Block thinks that linking order execution to commission systems will make his job easier.

Putnam Investments
Richard Block
Head of Global Equity Trading

Putnam Investments
1 Post Office Square
Boston, MA 02109

Assets under management:

$180 billion.

Fund(s) for which you trade:

We trade for multiple mandates across all of Putnam's Global Equity Funds and Institutional Accounts.

Types of products traded:

We trade in all markets, equities, convertibles and derivatives. In fixed income, we are basically across the board - Treasuries, mortgage backs, municipals. We also have a global asset allocation.

Daily volume in equities:

$850 million - $600 million domestic; $250 million international.

Structure of trading department:

We all are based in Boston. We have a large-cap trading desk. We have four international traders - two trade Europe, two trade Asia. We have seven domestic equities traders, two program traders who also trade derivatives and three support staff.

Previous Positions:

I worked at Morgan Stanley both in the New York office and in the London office as an equity derivatives trader. I came to Putnam to start up the program trading and derivatives operation, and that has branched out into head of global equity trading.


My undergraduate degree is in business from Albany State (New York). Then I attended NYU business school, where I earned my M.B.A.

Vision for the Future

I think the marketplace will get more interrelated across multiple product spaces. So, whether it is fixed income or equity products, as those relationships get tighter and tighter, volatility views between different products will be analyzed more and more. I see that being more developed. And I see the equity market being traded more and more electronically. However, the need for capital will continue for block business.

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