Scott DeSano, Fidelity Investments' high-profile head of trading, has been reassigned to another post within the firm, according to a report posted to The Wall Street Journal's online edition Monday afternoon. The report cited "people familiar with the matter."

The move comes amid a broad regulatory probe into gift giving and entertainment on Wall Street. Fidelity and DeSano have been targets of this investigation spearheaded by the NASD and the Securities and Exchange Commission.

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