Industry

Fidelity Investments has promoted Brian B. Hogan to president of the equity division of Fidelity Management & Research Co., the investment advisor to the firm’s mutual funds. A 15-year veteran of Fidelity, Hogan most recently was senior vice president of equity research.

T. Rowe Price’s first-quarter earnings fell 68% to $48.2 million, or 19 cents a share, from $151.5 million, or 55 cents a share, in the first quarter of 2008. Revenue fell 31% to $384.5 million, down from $559.1 million.

UBS is reportedly considering selling its hedge fund unit to management, according to a Swiss newspaper, Neue Zuercher Zeitung, and analysts believe the unit, which has $39 billion in assets under management, could fetch $1 billion.

Putnam Names Donovan Chief Investment Officer

Legg Mason has just laid off 40 workers, most of whom worked in administrative support in Connecticut and New York. Five of the workers worked in Baltimore. None worked in investment management.

Putnam Investments plans to double its 401(k) wholesalers from five to 10 by year-end, Defined Contribution & Savings Plan Alert reports. In fact, Putnam might even hire more, and it will definitely continue to hire 401(k) wholesalers in 2010, said Edmund Murphy, head of Putnam’s 401(k) business.

MassMutual has just laid off 65 workers, with most of the layoffs occurring in its Boston office, and the cuts spanning all departments—including finance, marketing and sales.

New York Life Insurance has hired 100 staff to support sales of fixed annuities through the banks, on the heels of sales in this channel increasing 130% in 2008.

LECG Expands Platform With Hiring of Vinella

All things considered, earning $46 million in 2008 was far less than the $81 million Mario Gabelli of Gamco took home in 2007 and the $81 million he pocketed in 2002, DealBook reports, citing a proxy filing.