Industry

Erin Callan, who was recently ousted from her position as Lehman Brothers’ chief financial officer, will begin a new role as head of Credit Suisse’s global hedge fund business on Sept. 2.

President and CEO of Federated Investors, Inc., J. Christopher Donahue, recently announced Federated’s acquisition of assets associated with the Prudent Bear and Prudent Global Income Funds. Federated is set to purchase these assets from David W. Tice & Associates at an initial price of $43 million with future contingent payments over the next four years of up to $100 million. These funds have an estimated net worth of $1.2 billion and $502 million, respectively.

AARP has appointed Richard Hisey as the new president of AARP Financial Inc. and AARP Funds. Formerly, Hisey served as the CIO of AARP Financial and treasurer of AARP Funds.

The Money Management Institute has selected Cheryl Nash as co-chair of its technology and operations committee. She is a SVP at CheckFree Investment Services, now a division of Fiserv, and will join Kevin Miller, SVP at Dreyfus, as co-chair.

Petrozzo, DePoalo New CIOs at Fidelity

Gerald Tsai, Jr., a legendary financial whiz and performance funds pioneer, died at the age of 79 last Wednesday. In the 1950s and 1960s, Tsai turned a canning company into Primerica, which later became the foundation of Citigroup.

Before Dennis Ferro retires as chief executive officer at Evergreen Investments, Wachovia Corp.'s investment management arm, he says that he wants to expand its alternative investment capabilities and its international distribution.

Ameriprise Financial finalized a $440 million deal to purchase J&W Seligman in the fourth quarter. The addition of Seligman will provide Ameriprise with addition outlets to sell its mutual funds and further improve its hedge fund business.

Earlier this week, John Templeton sadly passed away at the age of 95. Templeton created the Templeton Growth Fund back in 1954, but many articles about his passing avoided this subject when they summarized his life.

The money management unit of Wachovia Corporation, Evergreen Investments, announced Tuesday that its Chief Executive Dennis Ferro is set to retire at the end of this year. Ferro has been with the firm for five years and confirms that the status of the market and of Evergreen, in general, has had no impact on his retirement, which has been in the talks for over a year. Succeeding him will be Peter Cieszko, who is currently head of global distribution and has been with Evergreen since July 2006.