Putnam hires asset manager for two new funds

Putnam Investments today announced that David Glancy has joined the firm as managing director and portfolio manager of a couple of new planned offerings. Putnam is developing two mutual funds, one that will invest in equities and one that will invest in bank debt, bonds and equities, both of which he will manage, said Robert Reynolds, the company’s president and chief executive. "David buys stocks of companies that he likes that have gone through some type of problem," Mr. Reynolds said. "His universe is growing every day. It's the perfect time to invest in these types of companies. The idea is to take advantage of his unique expertise." Mr. Glancy hopes to introduce the funds at the end of the quarter. He joins the Boston-based fund firm from Andover Capital Advisors GP LLC of Andover, Mass., where he served as a founding partner and portfolio manager. Mr. Glancy also worked at Fidelity Investments of Boston for 13 years, beginning as an analyst and then as a portfolio manager on several funds. Putnam had $101 billion in assets under management as of Jan. 31.