Walter Donovan has been tapped as Putnam Investments’ new chief investment officer.

Putnam is a unit of insurer Great West Lifeco Inc.

Donovan, 46, comes to Boston-based Putnam from Fidelity Investments, where he was president of the company’s equity division with responsibility for portfolio management, investment research and trading. He was also responsible for the firm’s high yield group.

At Putnam, he will oversee the management of the entire investment group, and will report to Robert Reynolds, president and chief executive officer.

The firm indicates that the hire comes as it has been moving to deepen its talent pool, raise investment results and significantly enhance its presence in the retirement marketplace.

“In Walter Donovan, we are bringing aboard an investment chief of extraordinary talent and experience, who will take the lead in driving continued improvement in investment results for Putnam’s clients and shareholders,” said Reynolds. “Given the challenges and opportunities provided by today’s market environment, we sought — and now have — a distinguished industry veteran to lead our investment team, as we create a performance-driven culture for a new era at Putnam.”

Donovan was president of Fidelity’s equity division since 2007, and held a number of other positions at the money manager. Before joining Fidelity, Donovan worked as a director on the corporate debt trading desk with Merrill Lynch Capital Markets for seven years, and began his career as a municipal bond trader and underwriter for Salomon Brothers.

IE