Putnam Investments announced Monday that it has hired Walter C. Donovan as its chief investment officer.

Donovan, 46, joined Putnam from Fidelity Investments, where he had worked since 1995, most recently as the president of the equity division. He reports to Robert L. Reynolds, Putnam's president and chief executive officer, and oversees the management of Putnam's investment group.

Before joining Fidelity, Donovan was a director on the corporate debt trading desk with Merrill Lynch Capital Markets for seven years. He began his career as a municipal bond trader and underwriter for Salomon Brothers.

Putnam had $98.6 billion of assets under management on March 31.

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