Donovan Jumps Fidelity Ship for…Putnam

Walter Donovan, Fidelity Investments’ equity chief, has left the firm to join Putnam Investments.

Donovan is the highest-ranking Fidelity executive to jump to the company since Bob Reynolds took over as chief executive officer in July.

According to published reports, Donovan will be Putnam’s chief investment officer, overseeing equities and fixed income. Donovan succeeds Kevin Cronin, who stepped down on October 1 for personal reasons (see “Putnam Investment Chief Departs“).
Donovan is only the latest Fidelity alum to find a new home at Putnam. Benjamin Lewis was just named Managing Director of Defined Contribution Sales and Relationship Management (see “Lewis Joins Former Fidelity Colleagues at Putnam“), and he will be reporting to Putnam Managing Director and Head of Defined Contribution, Edmund F. Murphy III, who also joined Putnam earlier this year from Fidelity Investments, where he was executive vice president of distribution for Personal and Workplace Investing (seePutnam Names Fidelity Alum as DC Business Leader).
Last December, Clare Richer and Andra Bolotin joined Putnam as Senior Managing Director and Chief Financial Officer, and Managing Director and Controller, respectively (see “More Fidelity Execs Land at Putnam).
Reynolds, 57, a former vice chairman at Fidelity and a 23-year veteran of that firm, has seen a steady stream of talent follow him from the world’s biggest mutual-fund manager to Putnam since his arrival last June (see “Fidelity Alum Reynolds to Lead Putnam Investments“).