Industry

Fidelity Investments’ chief of technology and real estate operations, Marvin Adams, will be leaving the company, according to reports.

Abigail Johnson Chairs Fidelity Fund Board

Capital Group will cut 9% of its global workforce of 9,000, or 820 jobs, this month. This will be American Funds’ parent company’s second round of layoffs, in response to a 29% decline in assets from $1.2 trillion to $850 billion. The company eliminated 500 jobs in January.

Credit Suisse has formed an investment strategies and solutions group, to be led by David Russ, the former chief investment officer of Dartmouth College’s office of investments. The division will collaborate with the institutional distribution team.

Fidelity Investments promoted Abigail Johnson to chairman of the board of directors overseeing fixed income and asset allocation funds, yet another indication of the firm’s intention to eventually name the younger Johnson successor to her father, Edward C. “Ned” Johnson III, 78, as head of the company.

Federated Investments has acquired two mutual funds from Touchstone Advisors, the Touchstone Value Opportunities Fund and the Touchstone Diversified Small Cap Value Fund. Combined, the two funds have $233 million in assets. And they will be folded into the Federated Clover Value Fund and the Federated Clover Small Value Fund, respectively.

ProFunds Taps Doberman As General Counsel

Jefferies Selects Peters to Lead Wealth Management

Long-time Fidelity Investments and Geode Capital Management veteran Jacques P. Perold has been named chief operating officer, asset management of the firm.

John Hancock Financial has named James R. Boyle president, in charge of all of the company’s core businesses, including long-term care insurance, variable annuities, 401(k)s, fixed products and mutual funds. He had been president of U.S. insurance.