Putnam Investments has hired David Glancy as managing director and portfolio manager. A leading fund manager in both equity and high-yield debt, Glancy has been asked to also cover bank debt and undervalued and leveraged companies.

He joins the firm from Andover Capital, where he was a founding partner and portfolio manager.

“I am excited to welcome another outstanding investor to the team,” said Putnam President and CEO Robert L. Reynolds. “David has built a stellar career delivering superior investment returns in undervalued companies. He brings us exceptional knowledge and expertise at a time of unprecedented market dislocation—and opportunity.

“This is familiar territory for David. He is a master at uncovering diamonds in the rough and has a strong record of generating superior returns for clients,” Reynolds continued.

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