Industry

Fidelity Investments promoted Abigail Johnson to chairman of the board of directors overseeing fixed income and asset allocation funds, yet another indication of the firm’s intention to eventually name the younger Johnson successor to her father, Edward C. “Ned” Johnson III, 78, as head of the company.

Federated Investments has acquired two mutual funds from Touchstone Advisors, the Touchstone Value Opportunities Fund and the Touchstone Diversified Small Cap Value Fund. Combined, the two funds have $233 million in assets. And they will be folded into the Federated Clover Value Fund and the Federated Clover Small Value Fund, respectively.

ProFunds Taps Doberman As General Counsel

Jefferies Selects Peters to Lead Wealth Management

Long-time Fidelity Investments and Geode Capital Management veteran Jacques P. Perold has been named chief operating officer, asset management of the firm.

John Hancock Financial has named James R. Boyle president, in charge of all of the company’s core businesses, including long-term care insurance, variable annuities, 401(k)s, fixed products and mutual funds. He had been president of U.S. insurance.

Broadridge Financial Solutions has acquired Access Data Corp. to expand its offerings to the mutual fund industry, specifically Access Data’s unique data aggregation and data management solutions. Terms of the deal were not disclosed.

With assets so vastly depleted, many hedge funds are likely to merge, an asset management executive told a recent gathering of hedge fund executives at the SkyBridge Alternatives Conference.

Even though Fidelity’s mutual funds are performing strongly, with 62% in the top half of their category, the firm is looking for a new chief investment officer, Reuters reports. By comparison, in 2008, only 36% of the firm’s funds were in the top half.

Archer to Head Asia Office For American Century