Putnam Investments has hired two executives from Fidelity Investments: Clare Richer as a senior managing director and chief financial officer and Andra Bolotin as managing director and controller.

Ms. Richer had worked with Fidelity Investments for more than 25 years, most recently as an executive vice president for Fidelity Management & Research Co.

Earlier she was president of Fidelity Investments Life Insurance Co. and chief of investment operations for Fidelity Management & Research.

She was Fidelity Investments' chief financial officer from 2005 to 2007.

Ms. Bolotin, who will report to Ms. Richer, was senior vice president and chief financial officer of the developing business group and chief financial officer of Fidelity HR Services.

The hirings, announced Tuesday, continue Putnam's efforts to strengthen its top management with a goal of improving investment results.

Putnam had $106 billion of assets under management as of Nov. 30: $56 billion for mutual fund investors and $50 billion for institutional accounts.

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