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Wilmington Trust has promoted Adrian Cronje to chief investment strategist. He joined the firm in 2005 from Schroder Investment Management in London, where he was director, deputy head of quantitative equity products.

President-elect Barack Obama has named regulatory veteran Mary Schapiro to lead the Securities and Exchange Commission after he takes office next month.

Legg Mason has hired Peter Sundman as president and chief executive officer of its ClearBridge Advisors subsidiary.

Harris Associates has promoted Rob Taylor from associate portfolio manager on the Oakmark International Fund to co-portfolio manager, along with David Herro, who is also the firm’s chief investment officer of international equities.

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

The Social Investment Forum has elected five new members to its board, for two-year terms beginning Jan. 1 through Dec. 31, 2011.

Northern Trust Corp. announced Monday that it will cut 450 positions, or about 4% of its workforce, to offset $300 million in third-quarter charges to support its money market funds. This will result in a pre-tax charge of $20 million to $25 million in the fourth quarter, or five cents to seven cents per share.

Three Named to Board of Money Management Inst.

Fidelity International and its U.K. partner Dalton Strategic Partnership will be saying goodbye to David Urch and Jonathan Cobb, two high-profile equity portfolio managers they hired to work in the Edinburgh office just before the credit crunch, Dow Jones reports.

The Tokyo joint venture between Fortress Investment Group and DKR Capital is laying off an unspecified number of people, Dow Jones reports. However, the office is not shutting down entirely.

Fund bonuses will, undoubtedly, be far lower this year, and with that, a number of managers could look to jump ship, Investment News reports.

Citing steep redemptions and continued market declines, Fidelity Investments Chairman Ned Johnson indicated the firm’s 7% layoffs, or loss of 3,000 jobs, could surge if conditions worsen, the Boston Herald reports.

PNC Global Investment Names Wolcott President

Alex Widmer, CEO of Swiss bank Julius Baer, died unexpectedly Dec. 3 at the age of 52.

State Street Corp. is laying off 6% of its workforce, or 1,800 people, in the first quarter. Initially, the layoffs will cost the company as much as $350 million, or 51 cents to 55 cents a share, but that will then revert to $400 million in annual savings.

There was a time that the highflying world of hedge fund managers appeared to stratospherically surpass that of mutual fund managers. After all, some of the top hedge fund managers have averaged annual salaries of $250 million in recent years, with $1 billion paydays not uncommon for top stars.

Putnam Selects Farrell as Head of Equity Trading

Waddell & Reed is planning to first offer employees voluntary layoff packages next month, and depending on how that goes, will hand out pink slips the following week, the Kansas City Star reports. The goal is to reduce payroll costs by 15%.

One hundred people, or approximately 30% of the people working in prime brokerage at Barclays Bank, lost their jobs earlier this month, Global Banking News reports.

More than 110,000 people working in finance in the U.S. have lost their jobs so far this year, but that could nearly double to more than 200,000 in the final weeks of the year, the Anniston Star reports.