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Putnam Investments hires former Fidelity fund manager David Glancy

Putnam Investments has announced that David Glancy has joined the firm as managing director and portfolio manager.

One of the industry's leading fund managers in both equity and high-yield debt securities, Glancy joined the company from Andover Capital, where he was a founding partner and portfolio manager.

He will partner with Putnam's research teams to identify opportunities across the entire capital structure, focusing on equities while also including high-yield and bank debt.

Glancy has special expertise in assessing undervalued, leveraged companies, which are companies that issue lower-quality debt or that otherwise have leveraged capital structures.

"I am excited to welcome another outstanding investor to the team," said Putnam's president and chief executive 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.'

Putnam has also announced the hiring of four analysts to bolster its growing research capability.

Insurance analyst Shobha Frey, who joined Putnam from Boston-based K Capital Partners, is a boutique investment manager specialising in European special situations, and has over 16 years of investment industry experience. From 1998 to 2008, Frey was one of four portfolio managers responsible for the international equity portfolio of Harvard University's USD20bn endowment.

Twelve-year industry veteran Lucas Klein, who covers consumer staples, joins Putnam from RiverSource Investments, where he served as a senior research analyst.

George Gianarikas, previously with Wellington Management, covers technology and telecom for the large-cap equity research team.

Vinay Shah joins Putnam's US large-cap equity research team and covers the consumer sectors. He has 11 years of experience at both Morgan Stanley and Fidelity.

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