Putnam to buy New Flag

Putnam Investments is to buy London-based high-yield asset management firm New Flag Asset Management after failing to establish itself in European high yield. The acquisition will enable Putnam to enhance its European and global fixed income investment capability, especially in high yield for institutional and retail clients, according to Tom Reilly, managing director of Putnam Investments and head of European Business. The 11-strong New Flag team will remain in London and be integrated into Putnam's 27-strong global bonds team. New Flag, which has £60m of assets under management, w...