Fidelity Investments has hired Christopher Sullivan to serve as head of its bond group, in charge of $170 billion of assets under management.
Sullivan, a 25-year financial services veteran, comes to Fidelity from Goldman Sachs, where he was co-head of U.S. fixed income, overseeing $150 billion of assets. Before joining Goldman in 2001, Sullivan was with PIMCO as a senior manager in the account management group.
Fidelity is beefing up its bond unit amid changing investor risk tolerance and a desire to strengthen its capital markets division in light of smaller prime brokerage divisions at competitors.
"Chris brings to Fidelity a strong background of hands-on fixed-income investment management experience coupled with proven business-building success," said Michael E. Wilens, head of asset management. "The fixed-income markets have grown ever more complex in recent years, and our bond business has grown substantially. We're fortunate to have a senior executive of Chris's caliber on board to lead our investment management efforts in this critical area.
Wilens added: "We think that Chris will help Fidelity address the changing needs of our investors in the coming decade, particularly those who may be focusing more on the non-equity portions of their asset allocations as well as our investors whose renewed attention on savings may find their way into bond portfolios.