Portfolio

Daniel Petrozzo has been named new chief information officer at Fidelity Investments, and Ronald E. DePoalo is now CIO of the firm’s institutional products division.

Three high-profile staff members at the Investment Company Institute have already left or are planning on leaving the mutual fund lobbying group in the near future, Defined Contributions & Savings Plan Alert reports.

If it isn’t enough that federal regulators are looking into whether the managers of two failed Bear Stearns hedge funds, Ralph Cioffi and Matthew Tannin, misled investors into staying with the risky investments as they were tanking, they are now probing whether they inflated the funds’ returns and outlook to obtain loans from banks or prime custodians, BusinessWeek reports.

The Alternative Investment Management Association of the U.K. is about to launch a third set of codes for hedge funds-of-funds, on the heels of two other sets of best practices issued in the last 18 months.

Chrisopher Hohn, who runs the $15billion hedge fund The Children’s Investment Fund Management in the U.K.—and who is practically revered for the average annual returns of 42% he has delivered since the fund’s inception in 2004—has reached an impasse, The Wall Street Journal reports.

Thanks to Fidelity Investments, students from Mattahunt Elementary School of Mattapan, Mass., that are part of the BELL (Building Educated Leaders for Life) program will learn how to trade and analyze stocks and bonds this summer.

Baby Boomers now comprise half to three-quarters of the clients of fee-based advisers and independent reps, a new wealth report found. Understanding the changing composition of the American consumer can go a long way toward establishing a healthy business model. However, if that model is focused solely on affluent households, the pickings are growing slimmer.

Morningstar's Investor Conference in Chicago may have echoed with many of the same old solutions of the past, but for those who listened carefully to Mohamed El-Erian's message, "This time it's different."

In November of last year, the Securities and Exchange Commission proposed a rule to decrease the prospectuses of mutual fund firms to summaries of around three pages that could be accessed online, Mortgage Banking reports. According to a report produced by research firm Aite Group, if this rule takes effect, the financial services industry stands to save more than $65 million per year in printing and postage in addition to rescuing 42,000 trees annually.

In light of Legg Mason's recent struggles and dropping stock price, the company has slashed the pay of CEO Mark Fetting and its founder Raymond "Chip" Mason.