Industry

Daniel Petrozzo has been named new chief information officer at Fidelity Investments, and Ronald E. DePoalo is now CIO of the firm’s institutional products division.

Three high-profile staff members at the Investment Company Institute have already left or are planning on leaving the mutual fund lobbying group in the near future, Defined Contributions & Savings Plan Alert reports.

In light of Legg Mason's recent struggles and dropping stock price, the company has slashed the pay of CEO Mark Fetting and its founder Raymond "Chip" Mason.

Merk Investments Recruits Former St. Louis Fed Prez

Back in 2005, the chances that Amvescap, now Invesco, would make a 360-degree turnaround seemed virtually impossible, but with a little bit of time and the addition of Martin Flanagan as chief executive officer, the unlikely actually occurred.

Mutual fund companies and other financial services firms continue to battle one another for wealth management talent even though companies are forced to pay hefty salaries that crimp profits.

The head of JPMorgan Funds has handed responsibility for the company’s growing registered investment adviser business to a lieutenant.

For professionals on Wall Street, the June jobs number confirmed what many already knew: The financial services segment of the U.S. economy lost jobs last month. Some observers say the pace of jobs lost on Wall Street could exceed all other previous downturns faced by banks and brokerages since World War II.

ING Group NV of the Netherlands has completed its $900 million purchase of CitiStreet LLC from Citigroup Inc. and State Street Corp.

Citigroup’s head of hedge fund services, Steve Bowman, has decided to leave the firm, according to a memo from Citi’s James Forese, co-CEO of markets & banking. There is no indication yet of Bowman’s future endeavors.