Industry

Volatile equities markets and heightened EU sovereign credit risk during the second quarter of 2010 have drawn significant attention to mutual fund performance. Beyond the challenges posed by the current market environment, mutual fund managers are also contending with a variety of strategic, operational and tactical changes that are reshaping their firms and the industry as a whole. Three key areas that should be firmly in their sights are:

Ben Woloshin has joined New York Life as head of relationship management for retirement income security (RIS), reporting to Executive Vice President Chris Blunt. Woloshin was previously with Goldman Sachs as vice president in the reinsurance group, responsible for institutional relationships.

On the heels of its $4.9 billion acquisition of Hewitt Associates, Chicago-based Aon Corp. announced a three-year restructuring plan centered on eliminating 1,500 to 1,800 jobs, which it expects will save the company $280 million annually.

Fidelity, a year after creating a dedicated transition management group, Fidelity Capital Markets, has appointed Kevin Byrne to lead the growing practice.

A year after creating a dedicated transition management group, Fidelity Capital Markets, has appointed Kevin Byrne to lead the growing practice.

Mike Wells will replace Clark Manning as president and chief executive officer.

The investment bank, bracing for increased market activity, named Bob Berry to oversee three senior M&A brokers.

Running an independent wealth management firm with 70 to 80 advisors sounds like a machine of an operation, but Paul Beideman, the chairman and chief executive of Merion Wealth Partners, wants to ensure that each advisor has a personable relationship with his or her clients.

Disgruntled by big-firm groupthink, Erwin, Martin and Rexius set up Sapient as an RIA in Eugene, Ore.

Bank brokerage trade group parts ways with its managing directors.