Putnam Investments has appointed Steven P McKay (pictured) as Head of Defined Contribution Investment Only (DCIO), overseeing all aspects of the firm’s DCIO business, including small- to large-sized plans.
McKay, who is based in Boston, previously held senior positions in Putnam’s 401(k) business. He reports directly to Jeffrey L Gould, Head of Putnam Global Institutional Management.
“Steve assumes this role at a time when we believe there is a tremendous opportunity to expand our presence in the dynamic DCIO marketplace,” says Gould. “His two decades of experience in the defined contribution and broader investment management sector will prove invaluable as he leads our efforts in this important business.”
DCIO includes investment options in defined contribution plans overseen by asset managers that are not affiliated with the plan’s record-keeper. Industry sources estimate that the DCIO market will increase from USD3 trillion in 2015 to USD4.1 trillion by 2020.
“As a firm, we look forward to addressing the needs of this growing marketplace by building upon our long history of working with plan sponsors and consultants as they pursue an optimal mix of investment options to help their participants meet their retirement needs,” Gould explains.
McKay’s career includes more than 20 years of senior leadership roles in defined contribution, including positions in the investment-only and full-service areas. Most recently, he served as Vice President – Sales Manager, Large Market Defined Contribution for Empower Retirement, with responsibility for managing the firm’s regional sales directors and intermediary relations team in the large market segment.
Earlier, McKay served as National Sales Manager, Defined Contribution for Putnam, where he oversaw the firm’s regional 401(k) sales directors, national accounts team and internal 401(k) sales desk. He joined Putnam in 2012 as regional 401(k) director with responsibility for advisor/consultant-sold corporate 401(k) sales in the upstate New York/New England market.
Previously, McKay was senior divisional vice president for the Hartford Retirement Plans Group, a role he assumed when The Hartford acquired MFS Retirement Services. He began his financial services career at MFS, where he served for 14 years, rising to become senior divisional vice president with responsibility for the retirement plan wholesaling division.
McKay is a 1990 graduate of Salem State University, where he earned a BS degree in business administration.