Industry

Curian Hires Ramsier as Divisional VP for the West

Indicating that it is only the first of at least two immediate job cut waves, Fidelity Investments announced Thursday it will eliminate 2.9% of its 44,400 workforce, or 1,300 positions, by the end of the month. A second layoff, the size of which has yet to be determined, will occur in the first quarter of next year, Fidelity said.

“We have plenty of cash and investments on our balance sheet. I think we are in a good position to make acquisitions.” That was a recent remark by Morningstar CEO Joe Mansueto to Reuters. Morningstar has $309.6 million in cash and investments on its balance sheet.

Prudential Arm Hires Structured Exec Bonesteel

Many large corporations and asset managers in Massachusetts are planning to cut jobs, and by the best estimates, the state could lose jobs for 4%, or 7,200, of its financial servcies workforce by the end of next year, slightly higher than an estimated 3% decrease in the rest of the nation, The Boston Globe reports.

Speaking before students at MIT, billionaire investor George Soros predicted that the number of hedge funds could shrink by as many as two-thirds, the Ottowa Citizen reports.

Fidelity Investments might lay off as many as 9%, or 4,000, of its 44,500 global workforce by early next year, according to reports. That would be a considerable cut, on top of 1,000 who have been laid off in the past year through three rounds.

Banks and other financial companies that are willing to stomach a few more quarters of volatility could find themselves well positioned to acquire wealth management companies or talent, according to analysts and industry executives.

Needles Now President at Touchstone Investments

Following its $50 billion acquisition of Merrill Lynch, Bank of America plans to move the major part of its wealth management from Boston to New York, The Boston Globe reports. That means that BoA’s U.S. Trust private banking unit and Columbia Management mutual funds groups will also make the move.