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Thursday, February 19, 2009

Reynolds' Latest Fido Hire Plans New Products

Reported by Neil Anderson, Managing Editor

Bob Reynolds continues to add familiar ex-Fidelity faces to his new team at Putnam. Putnam just confirmed that David Glancy -- former manager of Fidelity Capital & Income and the Fidelity Leveraged Stock Fund and founder of the now-defunct hedge fund firm Andover Capital Advisors -- has joined the Boston-based Power Financial subsidiary as a managing director and portfolio manager. (Sam Mamudi broke the news in Wall Street Journal's Thursday Fund Track column.) Watch for Glancy to make his mark in Putnam in the coming months with new offerings.

Reynolds described Glancy as "another outstanding investor" with "unique skill" and a "great long-term track record." He added that Glancy's investment style is "perfect for this type of market."

"He's someone I've known for a number of years," Reynolds told MFWire in an interview. "This [hiring Glancy] was an opportunity we couldn't pass up."

Reynolds confirmed that Glancy will be using his "unique talent" for investing in companies across their entire capital structure to create at least two new funds for Putnam, with a rough target launch date of early Q2. One fund would be a "pure equity play," Reynolds said, while the other would look at all three parts of a company's capital structure.

"There is no fund like that at Putnam," Reynolds said, adding that Putnam could also launch institutional, co-mingled pools using the same strategies "rather quickly."

Glancy left Fidelity to found Andover back in 2003 (see MFWire, 7/16/2003). He joins a long list of Fido alums that have followed Reynolds to Putnam, including senior managing director Jeff Carney, portfolio managers Robert Ewing and Nick Thakore, controller Andra Bolotin, chief financial officer Clare Richer and managing director Ed Murphy (see MFWire, 10/09/08, 10/21/08 and 12/2/08, and see our sister publication, The 401kWire, 2/3/09).

Putnam also unveiled four new analyst hires: insurance analyst Shobha Frey, who hails from K Capital Partners; technology and telecom analyst George Gianarikas, who hails from Wellington Management; consumer staples analyst Lucas Klein, who hails from RiverSource; and consumer sectors analyst Vinay Shah, who hails from Fidelity and Morgan Stanley.




Also in Thursday's column, Mamudi highlights January fund flows across money market, stock and bond funds ($68.3 billion, $11.7 billion and $14.3 billion, respectively). Yet Lipper's Tom Roseen cautions that the seemingly positive numbers may simply represent "seasonal bias." 

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