US fund manager Putnam Investments has hired David Glancy as managing director and portfolio manager, along with appointing four analysts to boost its research team.

Mr Glancy joins Putnam Investments from Andover Capital, where he was a founding partner and portfolio manager.  In his new role at Putnam Mr Glancy will focus on equities, along with high-yield and bank debt.

Putnam’s chief executive Robert Reynolds said: "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."

In its analyst hires, Putnam has appointed Shobha Frey from K Capital Partners, Lucas Klein from Riversource Investments, George Gianarikas from Wellington Management, and finally Vinay Shah, who has previously worked at both Morgan Stanley and Fidelity.

Boston-based Putnam Investments has over $101 billion in assets under management. The firm serves 119 institutional clients, along with offering mutual funds, variable annuities and alternative investments to high net worth investors.