Walter C. Donovan has been named chief investment officer at Boston’s Putnam Investments, reporting to Robert L. Reynolds, president and chief executive officer.

Donovan, who brings nearly 25 years of investment management experience to the position, joins Putnam at a time when the company has been moving to deepen its talent pool, raise investment results and significantly enhance its presence in the retirement marketplace, the company said.

Donovan, 46, comes to Putnam from Fidelity Investments, where he served as president of the company’s Equity Division with responsibility for portfolio management, investment research and trading. In addition, he was responsible for the high yield group at Fidelity.