- The Washington Times - Saturday, April 11, 2009

NEW YORK (AP) - The head of Fidelity Investments’ equity division is leaving the fund company to join rival Putnam Investments.

A Putnam spokesman said Saturday that Walter Donovan will join the company as its chief investment officer, in charge of its equity and fixed-income divisions. A formal announcement from the company is expected Monday, the spokesman Jon Goldstein said.

Putnam, owned by Montreal-based Power Financial Corp., has been struggling with declining management fees in a volatile market. The company has made several rounds of job cuts, the latest announced in February and bringing its work force down 10 percent.

Donovan, 46, will report to Putnam Chief Executive Robert Reynolds, who spent 23 years at Boston-based Fidelity and was once seen a candidate to lead the company. He joined Putnam, also based in Boston, last year.

Donovan succeeds Kevin Cronin, who resigned from Putnam in October for personal reasons.

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