Industry

Fidelity Investments has named Scott Couto as the new president of its Financial Advisor Solutions unit, where he will oversee the firm's product suite, investment consulting services, product analysis and marketing endeavors.

Fidelity Investments this week named Scott Couto as the new president of its Financial Advisor Solutions unit where he will oversee the firm's product suite, investment consulting services, product analysis and marketing endeavors.

Pyramis Global Advisors, Fidelity Investments’ institutional business, has established a cash management business in London to offer a suite of money market and other cash management solutions in the world’s major currencies.

Federated Investors has completed its acquisition of $509 million in mutual fund assets covering equities, fixed income and money markets from EquiTrust Series Fund and EquiTrust Variable Insurance Series Fund.

Hutchens Investment Management has merged with New Leaf Asset Management, with New Leaf executives Fletcher Cole and Carrie Bossi joining the Hutchens team.

DST Systems has signed a definitive agreement to acquire ALPS for $250 million in cash. Once the deal closes, which is expected in the fourth quarter, ALPS will be marketed as “ALPS, a DST Company.”

Russell Investments has promoted Len Brennan to president and chief executive officer, succeeding Andrew Doman, who is now chairman of the board. Ed Zore, who has been chairman since 2008, will remain on the board as a director.

CIBC is taking a 41% stake in American Century, paying $848 million in cash for the shares that JP Morgan currently holds. JP Morgan paid $900 million for a 45% stake in American Century in 1998 and pared back its holdings over the years.

To increase its presence in the bank channel for adviser-sold business, Russell Investments has promoted John Harrell and Paul Izzo to the newly created positions of national account executive.

UBS Wealth Management Americas has hired Morgan Stanley Smith Barney executive Jon Mallon as director and branch manager for its Santa Rosa, Calif. office.