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Charles Schwab Corp. said it plans to cut 500 to 600 jobs this quarter in its effort to contain costs.

Northern Trust Selects Browne as New CIO

Ellyn McColgan is leaving her post as head of Morgan Stanley's global wealth management unit after less than a year on the job. The news comes in the wake of the announcement of Morgan Stanley's planned joint venture with Smith Barney.

Baron Appoints Jacobs Chief Distribution Officer

Hedge fund Duff Capital Advisors has laid off approximately 80% of its staff, mostly form its investment teams, Dow Jones reports.

Investment research analyst Ian Jacobs, who has worked at Warren Buffett's Berkshire Hathaway Inc. since 2003, is reportedly planning to launch his own fund on March 1.

American Century Hires Former Lehman Veterans

Christopher Wilson, who ran the Columbia Funds unit at Bank of America, has left the company and been replaced by J. Kevin Connaughton.

Fidelity Investments has reorganized its institutional equity team, naming Michael S. Cashel, senior vice president, equities, and chief of institutional sales trading. Michael J. McConnell is senior vice president, head of sales trading for institutional equities.

Fidelity Investments has selected James Catudal to run the $6.24 billion Fidelity Growth and Income Portfolio Fund, succeeding Timothy M. Cohen.

Fidelity Hires Cieszko as Institutional Services Chief

Talk about leaving with an impression. The likely legacy of Securities and Exchange Commission Chairman Christopher Cox, when he steps down this year after taking on the position in 2005, is likely to be that of ineffectiveness during the worst economic period since the Great Depression, The Wall Street Journal reports.

Fidelity Investments has named former Evergreen Investments Chief Executive Officer Peter Cieszko to become the president of Fidelity Investments Institutional Services Company.

Paul Mazzilli, formerly executive director and head of the exchange-traded fund research team at Morgan Stanley, has joined IndexIQ as senior advisor, in charge of developing products for high-net-worth investors.

Neuberger Berman Names Non-Executive Chair, CEO

Most executives wouldn't consider themselves "fortunate" if they took over one of the largest fund companies weeks before an historic market collapse.

Susan Markel, chief accountant for the Securities and Exchange Commission's enforcement division, will leave the agency in January after 14 years of service to become a managing director in the corporate investigations practice of AlixPartners LLP, a global business advisory firm.

Peter Cieszko, who was selected to become president and chief executive officer of Evergreen Investments next month, has suddenly left, “to pursue other opportunities,” the firm said.

Pioneer Investments has hired Bill C. Taylor, a 25-year veteran of the financial services industry, to serve as senior vice president and head of relationship management and strategic alliances in the U.S., reporting to Joseph D. Kringdon, head of U.S. retail distribution and president of Pioneer Funds Distributor.

Neuberger Berman’s board of directors has selected Tom D. Seip as non-executive chairman and Robert Conti as chief executive officer. The two men succeed Peter E. Sundman, who is resigning.