Industry

Three Named to Board of Money Management Inst.

Fidelity International and its U.K. partner Dalton Strategic Partnership will be saying goodbye to David Urch and Jonathan Cobb, two high-profile equity portfolio managers they hired to work in the Edinburgh office just before the credit crunch, Dow Jones reports.

The Tokyo joint venture between Fortress Investment Group and DKR Capital is laying off an unspecified number of people, Dow Jones reports. However, the office is not shutting down entirely.

Fund bonuses will, undoubtedly, be far lower this year, and with that, a number of managers could look to jump ship, Investment News reports.

Citing steep redemptions and continued market declines, Fidelity Investments Chairman Ned Johnson indicated the firm’s 7% layoffs, or loss of 3,000 jobs, could surge if conditions worsen, the Boston Herald reports.

PNC Global Investment Names Wolcott President

Alex Widmer, CEO of Swiss bank Julius Baer, died unexpectedly Dec. 3 at the age of 52.

State Street Corp. is laying off 6% of its workforce, or 1,800 people, in the first quarter. Initially, the layoffs will cost the company as much as $350 million, or 51 cents to 55 cents a share, but that will then revert to $400 million in annual savings.

Neuberger Berman managers have bid for and won the right to buy the asset management business in a court-supervised sale, a source confirmed with Investment Dealers’ Digest.

There was a time that the highflying world of hedge fund managers appeared to stratospherically surpass that of mutual fund managers. After all, some of the top hedge fund managers have averaged annual salaries of $250 million in recent years, with $1 billion paydays not uncommon for top stars.