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Financial service group PPM America recently announced its promotion of Jim Young to chief investment officer.As CIO, Young will oversee all portfolio management, all public and fixed income functions, and will head the credit research group and structured finance teams. In addition, Young will continue to carry out his existing responsibilities as chairman of the firm’s credit approval committee.“The company’s management team relies on constant collaboration and an open exchange of ideas in order to achieve our mission, which is to be indispensable to our clients," said PPMA’s President and CEO Leandra Kres. "Jim has been an integral member of the team for 11 years, and I am confident that his expanded responsibilities will allow him to have an even greater impact on the success of the organization going forward.”Kres previously held the CIO position in addition to her executive responsibilities.PPMA manages approximately $78 billion in assets of mutual funds, unit trusts, and insurance companies. It is a subsidiary of Prudential plc, a company integrated in the United Kingdom.

Putnam Investments Selects Bob Reynolds as CEO

When an employee leaves a firm, can they take their client list with them to their new job?

Peter Suhr Joins CFG As Enterprise EVP

Fidelity Investments has hired Michael Wilens, a senior executive at Thomson Reuters, to head the mutual fund company’s $1.5 trillion asset management division.

In a conference call Thursday morning, Boston-based Putnam Investments announced that Robert L. "Bob" Reynolds will succeed Charles E. "Ed" Haldeman to become the firm's president and chief executive officer. Haldeman plans to stay on board and will take on a new role as the chairman of Putnam Investment Management, LLC.

Financial services firms continue to battle against one another for wealth management talent even though companies are forced to pay hefty salaries that crimp profits.

Instead of reporting to Ayer, Mass., federal prison on Monday to serve a 20-year term for defrauding $450 million from investors in the failed Bayou hedge fund, Samuel Israel III has either committed suicide or left clues to make authorities believe he has.

David Glaser, co-head of investment banking at Bear Stearns, is the latest of several of his former colleagues to join Bank of America.

Ezra Zask Leaves Company He Founded for LECG Role

Fidelity Investments is laying off 550 workers, most of them among its 5,700-employee facility in Merrimack, N.H., where mutual fund and human resource customers are served, according to various reports.

Walter Ricciardi, the Security and Exchange Commission’s deputy director of the Division of Enforcement, announced he will retire this month to join the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP as a partner.

Joseph D. Kringdon has left his position as managing director, Eastern regional director of sales at Putnam Investments to become executive vice president, head of U.S. retail distribution at Pioneer Investments.

Allianz Global Investors Taps Nancy Morris as VP

After spending the past 10 months as acting chief, Securities and Exchange Commission Chairman Christopher Cox finally decided to name Rosalind Tyson the official director of the commission’s Los Angeles office – a region that covers Southern California, Nevada, Arizona, and Hawaii.

The Senate Banking Committee will consider three nominations to the Securities and Exchange Commission this coming Tuesday, June 3.

ING Names Brown Retail Annuity President

AXA Names Pietrini-Smith As Chief Operating Officer

AXA Distributors, LLC has appointed Joanne Pietrini-Smith as chief operating officer of AXA Partners, its life insurance business.

U.S. Trust, Bank of America Private Wealth Management has announced four appointments in Boston, in the latest of nearly 20 additions to the New England area in the last nine months.