Putnam Investments has attracted another top executive from Fidelity Investments, naming Walter Donovan as chief investment officer and head of Putnam's equity, fixed-income, and global allocation operations. Donovan had been part of a three-person team running Fidelity's money management division, reporting directly to Fidelity Chairman Ned Johnson.
At Putnam, Donovan will be reunited with former Fidelity COO Bob Reynolds, who became Putnam's CEO in July 2008 and has since hired several other Fidelity executives, including junk-bond manager David Glancy and Jeffrey Carney, who had been in charge of Fidelity's Retirement Services unit and is now head of global marketing and products.
In February, Putnam hired Edmund Murphy to lead its defined contribution business, reporting to Carney; Murphy is also a former Fidelity executive.
In February, Putnam said it would lay off 10% of its workforce.
Putnam was acquired by Canadian insurance company Great-West Lifeco in August 2007.