Putnam has hired yet another executive from Fidelity, Walter C. Donovan, who will serve as chief investment officer. A 25-year veteran of financial services, he was president of Fidelity’s equity division, overseeing portfolio management, investment research and trading.

“In Walter Donovan, we are bringing aboard an investment chief of extraordinary talent and experience, who will take the lead in driving continued improvement in investment results for Putnam’s clients and shareholders,” said Robert L. Reynolds, president and chief executive officer of Putnam. “Given the challenges and opportunities provided by today’s market environment, we sought, and now have, a distinguished industry veteran to lead our investment team as we create a performance-driven culture for a new era at Putnam.”

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