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The Philadelphia wealth management firm Janney Montgomery Scott LLC has hired Francis J. McAleer Jr. as director of wealth management sales and marketing in its wealth management department.

Erin Callan, who was recently ousted from her position as Lehman Brothers’ chief financial officer, will begin a new role as head of Credit Suisse’s global hedge fund business on Sept. 2.

President and CEO of Federated Investors, Inc., J. Christopher Donahue, recently announced Federated’s acquisition of assets associated with the Prudent Bear and Prudent Global Income Funds. Federated is set to purchase these assets from David W. Tice & Associates at an initial price of $43 million with future contingent payments over the next four years of up to $100 million. These funds have an estimated net worth of $1.2 billion and $502 million, respectively.

AARP has appointed Richard Hisey as the new president of AARP Financial Inc. and AARP Funds. Formerly, Hisey served as the CIO of AARP Financial and treasurer of AARP Funds.

The Money Management Institute has selected Cheryl Nash as co-chair of its technology and operations committee. She is a SVP at CheckFree Investment Services, now a division of Fiserv, and will join Kevin Miller, SVP at Dreyfus, as co-chair.

Petrozzo, DePoalo New CIOs at Fidelity

Gerald Tsai, Jr., a legendary financial whiz and performance funds pioneer, died at the age of 79 last Wednesday. In the 1950s and 1960s, Tsai turned a canning company into Primerica, which later became the foundation of Citigroup.

Before Dennis Ferro retires as chief executive officer at Evergreen Investments, Wachovia Corp.'s investment management arm, he says that he wants to expand its alternative investment capabilities and its international distribution.

The money management unit of Wachovia Corporation, Evergreen Investments, announced Tuesday that its Chief Executive Dennis Ferro is set to retire at the end of this year. Ferro has been with the firm for five years and confirms that the status of the market and of Evergreen, in general, has had no impact on his retirement, which has been in the talks for over a year. Succeeding him will be Peter Cieszko, who is currently head of global distribution and has been with Evergreen since July 2006.

Daniel Petrozzo has been named new chief information officer at Fidelity Investments, and Ronald E. DePoalo is now CIO of the firm’s institutional products division.

Three high-profile staff members at the Investment Company Institute have already left or are planning on leaving the mutual fund lobbying group in the near future, Defined Contributions & Savings Plan Alert reports.

In light of Legg Mason's recent struggles and dropping stock price, the company has slashed the pay of CEO Mark Fetting and its founder Raymond "Chip" Mason.

Merk Investments Recruits Former St. Louis Fed Prez

Back in 2005, the chances that Amvescap, now Invesco, would make a 360-degree turnaround seemed virtually impossible, but with a little bit of time and the addition of Martin Flanagan as chief executive officer, the unlikely actually occurred.

Mutual fund companies and other financial services firms continue to battle one another for wealth management talent even though companies are forced to pay hefty salaries that crimp profits.

The head of JPMorgan Funds has handed responsibility for the company’s growing registered investment adviser business to a lieutenant.

For professionals on Wall Street, the June jobs number confirmed what many already knew: The financial services segment of the U.S. economy lost jobs last month. Some observers say the pace of jobs lost on Wall Street could exceed all other previous downturns faced by banks and brokerages since World War II.

Citigroup’s head of hedge fund services, Steve Bowman, has decided to leave the firm, according to a memo from Citi’s James Forese, co-CEO of markets & banking. There is no indication yet of Bowman’s future endeavors.

After completing his service as chief information office on June 30, Corey Booth parted ways with the Securities and Exchange Commission in order to pursue a new career with Boston Consulting Group in New York.

Lundquist Chosen as Head Of JPMorgan RIA Channel