Industry

Principal Financial has laid off 75 people in asset management, most of them from its Des Moines headquarters.

ProFunds Group has hired Richard Kendrick as managing director, marketing, in charge of all marketing for the company’s exchange-traded funds and mutual funds. He comes to the firm from RiverSource Investments, where he was vice president, asset management marketing.

Putnam to Double 401(k) Wholesalers to 10

Morningstar is acquiring the equity research and data business of Computerized Portfolio Management Services of Toronto for C$16.1 million. The companies expect to complete the sale in the second quarter.

Fidelity Investments has promoted Brian B. Hogan to president of the equity division of Fidelity Management & Research Co., the investment advisor to the firm’s mutual funds. A 15-year veteran of Fidelity, Hogan most recently was senior vice president of equity research.

T. Rowe Price’s first-quarter earnings fell 68% to $48.2 million, or 19 cents a share, from $151.5 million, or 55 cents a share, in the first quarter of 2008. Revenue fell 31% to $384.5 million, down from $559.1 million.

UBS is reportedly considering selling its hedge fund unit to management, according to a Swiss newspaper, Neue Zuercher Zeitung, and analysts believe the unit, which has $39 billion in assets under management, could fetch $1 billion.

Putnam Names Donovan Chief Investment Officer

Legg Mason has just laid off 40 workers, most of whom worked in administrative support in Connecticut and New York. Five of the workers worked in Baltimore. None worked in investment management.

Putnam Investments plans to double its 401(k) wholesalers from five to 10 by year-end, Defined Contribution & Savings Plan Alert reports. In fact, Putnam might even hire more, and it will definitely continue to hire 401(k) wholesalers in 2010, said Edmund Murphy, head of Putnam’s 401(k) business.