Paulson hires COO from Morgan Stanley

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Paulson & Co. has hired Putnam Coes as its new chief operating officer.

Coes will join Paulson in mid-March from Morgan Stanley, where he spent six years as chief operating officer of the firm's Absolute Return Strategies Group and Morgan Stanley Alternative Investment Partners, according to a letter sent to investors.

"I believe Putnam will be a valuable member of our team, helping to drive the continuing growth of our company," wrote John Paulson, president.

Coes takes over from Stuart Merzer, who remains general counsel and chief compliance officer of Paulson. Merzer has been promoted to senior vice president, according to