Industry

Earlier this week, John Templeton sadly passed away at the age of 95. Templeton created the Templeton Growth Fund back in 1954, but many articles about his passing avoided this subject when they summarized his life.

The money management unit of Wachovia Corporation, Evergreen Investments, announced Tuesday that its Chief Executive Dennis Ferro is set to retire at the end of this year. Ferro has been with the firm for five years and confirms that the status of the market and of Evergreen, in general, has had no impact on his retirement, which has been in the talks for over a year. Succeeding him will be Peter Cieszko, who is currently head of global distribution and has been with Evergreen since July 2006.

Daniel Petrozzo has been named new chief information officer at Fidelity Investments, and Ronald E. DePoalo is now CIO of the firm’s institutional products division.

Three high-profile staff members at the Investment Company Institute have already left or are planning on leaving the mutual fund lobbying group in the near future, Defined Contributions & Savings Plan Alert reports.

In light of Legg Mason's recent struggles and dropping stock price, the company has slashed the pay of CEO Mark Fetting and its founder Raymond "Chip" Mason.

Merk Investments Recruits Former St. Louis Fed Prez

Back in 2005, the chances that Amvescap, now Invesco, would make a 360-degree turnaround seemed virtually impossible, but with a little bit of time and the addition of Martin Flanagan as chief executive officer, the unlikely actually occurred.

Mutual fund companies and other financial services firms continue to battle one another for wealth management talent even though companies are forced to pay hefty salaries that crimp profits.

The head of JPMorgan Funds has handed responsibility for the company’s growing registered investment adviser business to a lieutenant.

For professionals on Wall Street, the June jobs number confirmed what many already knew: The financial services segment of the U.S. economy lost jobs last month. Some observers say the pace of jobs lost on Wall Street could exceed all other previous downturns faced by banks and brokerages since World War II.