Industry

Northern Trust Selects Browne as New CIO

In response to a report in The Boston Globe that Fidelity Investments is exploring a sale, chairman Edward C. “Ned” Johnson issued a rare response denouncing the rumor.

Ellyn McColgan is leaving her post as head of Morgan Stanley's global wealth management unit after less than a year on the job. The news comes in the wake of the announcement of Morgan Stanley's planned joint venture with Smith Barney.

Baron Appoints Jacobs Chief Distribution Officer

Hedge fund Duff Capital Advisors has laid off approximately 80% of its staff, mostly form its investment teams, Dow Jones reports.

Investment research analyst Ian Jacobs, who has worked at Warren Buffett's Berkshire Hathaway Inc. since 2003, is reportedly planning to launch his own fund on March 1.

American Century Hires Former Lehman Veterans

The events that occurred in the financial services industry over the past year were once thought inconceivable. At this point, regulators are chomping at the bit to reverse how Wall Street does business, and investors are downright spooked. The editors of SourceMedia's business publications offer their views on how these dramatic shifts on Wall Street and in corporate America will impact businesses and investors this year.

Christopher Wilson, who ran the Columbia Funds unit at Bank of America, has left the company and been replaced by J. Kevin Connaughton.

Fidelity Investments has reorganized its institutional equity team, naming Michael S. Cashel, senior vice president, equities, and chief of institutional sales trading. Michael J. McConnell is senior vice president, head of sales trading for institutional equities.