Industry

OppenheimerFunds has announced that it is making changes intended to strengthen its business operations and enhance risk management capabilities.

AllianceBernstein announced Tuesday that it eliminated 237 positions in the first quarter, ending with a staff of 4,760, down from 4,997 at the beginning of the year. Thirty-one of the positions eliminated were held by investment professionals, including analysts, portfolio manager, chief investment officers, research directors and traders.

CVC Capital Partners of Britain is in exclusive talks with Barclays to purchase its iShares exchange-traded fund unit for more than $4 billion.

Putnam Investments has hired Benjamin H. Lewis as managing director of defined contribution sales and relationship management. A 23-year veteran of the 401(k) industry who began his career at Fidelity in 1986, Lewis most recently was senior vice president for Fidelity Employer Services Co.

Sullivan Named Head Of Fidelity Bond Group

Bank of America is merging its premier banking into Merrill Lynch Global Wealth Management, and as a result, several hundred people will lose their jobs.

Legg Mason has laid off 120 employees, 20 of whom worked in mutual fund administration and 100 of whom worked in its Western Asset Management subsidiary.

Hennessy Advisors has acquired the Tamarack Large Cap Growth Fund and the Tamarack Value Fund, which hold $158 million in assets between them. Voyageur Asset Management, a division of RBC Asset Management, was the investment advisor before.

Fidelity Investments has hired Christopher Sullivan to serve as head of its bond group, in charge of $170 billion of assets under management.

Even as it continues to lay off 3,000, Fidelity Investments is looking for talented analysts and investment professionals as it seeks to restructure and strengthen its capabilities in the midst of the economic downturn, The Boston Globe reports.