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.”

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.