Industry

Due to prolonged weak results, the Vanguard Group announced that David Fassnacht has been replaced as the portfolio manager of the $19.2 billion Windsor Fund (VWNDX) and the $490 million Vanguard Capital Value Fund (VCVLX), Dow Jones reports.

Financial service group PPM America recently announced its promotion of Jim Young to chief investment officer.As CIO, Young will oversee all portfolio management, all public and fixed income functions, and will head the credit research group and structured finance teams. In addition, Young will continue to carry out his existing responsibilities as chairman of the firm’s credit approval committee.“The company’s management team relies on constant collaboration and an open exchange of ideas in order to achieve our mission, which is to be indispensable to our clients," said PPMA’s President and CEO Leandra Kres. "Jim has been an integral member of the team for 11 years, and I am confident that his expanded responsibilities will allow him to have an even greater impact on the success of the organization going forward.”Kres previously held the CIO position in addition to her executive responsibilities.PPMA manages approximately $78 billion in assets of mutual funds, unit trusts, and insurance companies. It is a subsidiary of Prudential plc, a company integrated in the United Kingdom.

Putnam Investments Selects Bob Reynolds as CEO

Goldman Sachs and Deloitte & Touche LLP announced they had finalized plans to unload a portion of a $7 billion structured investment vehicle, which was set up by U.K. hedge fund manager Cheyne Capital Management LLP, according to a recent report by Bloomberg.

When an employee leaves a firm, can they take their client list with them to their new job?

As JPMorgan Chase begins to remove the Bear Stearns name from its buildings, the firm is taking the opportunity to enhance its own brand identity, The New York Times writes.

Julius Baer Americas, a subsidiary of the Swiss wealth manager Julius Baer Holding Ltd., has changed its name to Artio Global Investors Inc.

Peter Suhr Joins CFG As Enterprise EVP

Fidelity Investments has hired Michael Wilens, a senior executive at Thomson Reuters, to head the mutual fund company’s $1.5 trillion asset management division.

In a conference call Thursday morning, Boston-based Putnam Investments announced that Robert L. "Bob" Reynolds will succeed Charles E. "Ed" Haldeman to become the firm's president and chief executive officer. Haldeman plans to stay on board and will take on a new role as the chairman of Putnam Investment Management, LLC.