Deals & People February 19, 2009

Putnam Names Glancy to Portfolio Manager Post

Putnam Investments said it named David Glancy as managing director and portfolio manager.
Reported by

A Putnam news release said Glancy will work with its research teams to identify opportunities across the entire capital structure, focusing on equities while also including high-yield and bank debt. Putnam said Glancy has expertise in assessing undervalued, leveraged companies.

Glancy joined the company from Andover Capital, where he was a founding partner and portfolio manager. Prior to joining Andover Capital, Glancy was a 13-year veteran of Fidelity Investments, joining in 1990 as an analyst and leaving the firm near the end of 2003. Throughout his tenure, he was the only portfolio manager to manage both equity and debt funds, the news release said.

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“I am excited to welcome another outstanding investor to the team,” said Putnam President and CEO Robert L. Reynolds, in the releasse. “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.’

See also: “Putnam Announces Equity Restructuring.’

Products February 19, 2009

RiverSource Fund To Seek Stimulus Bill Opportunities

RiverSource Investments announced the launch of the RiverSource Recovery and Infrastructure Fund.
Reported by

The open-end mutual fund seeks long-term opportunities in publicly traded companies that could benefit from renewed investment in infrastructure projects in the U.S. and around the globe, according to the announcement. The fund is also positioned to find near-term opportunities created by the U.S. Government’s $787 billion stimulus package.

Warren Spitz, senior portfolio manager at RiverSource Investments and manager of the new fund, noted that unprecedented government spending could immediately impact companies in the energy, materials, and industrials sectors, while direct spending will especially benefit utilities, construction, heavy equipment, and engineering in the near term. According to Spitz, technology service providers, airlines, automakers and manufacturers will benefit indirectly over the long run.

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RiverSource Recovery and Infrastructure Fund will invest at least 75% of its assets in U.S. companies, while up to 25% can be invested in international holdings.

 

More information is available at www.riversource.com.

 

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