Industry

Bank of New York Mellon Promotes Kilpatrick to Pres.

Since the onset of the credit crisis in August 2007, the financial services industry has lost 325,000 jobs around the world, according to the International Labor Organization.

Mustin Joins Legg Mason As Institutional Director

Benefits consulting firms Mercer and Callan Associates are creating a mega investment consulting shop, as the two have announced plans to merge their operations.

Putnam Investments has hired David Glancy as managing director and portfolio manager. A leading fund manager in both equity and high-yield debt, Glancy has been asked to also cover bank debt and undervalued and leveraged companies.

As the global financial landscape continues to reshape, mergers and acquisitions this year will be led by those firms seeking capital or those that have capital in hand to put to work, according to Jefferies Putnam Lovell.

Kimberly Mustin has joined Legg Mason as managing director and head of institutional business, Americas.

Anthony Ryan, Under Secretary of Domestic Finance with the Treasury Department until just last month, will be joining Fidelity Investments to develop new products and strategies.

ProFunds Group has hired Joanne M. Hill as head of investment strategy. In this new role at the exchange-traded fund shop, Hill is responsible for research, development and execution of investment strategies.

Putnam Investments announced Wednesday it will lay off 260 people, or about 10% of its staff, on Thursday, Dow Jones reports. Most of the people being let go work in distribution or operations, but a few are in sales.