Fidelity Investments is re-aligning the firm’s distribution, operations and administrative functions to meet the needs of its increasingly diverse customer base, the company says.
As a result, Ellyn A. McColgan has been named president of distribution and operations for products and services directly sold to individual investors and through third-party intermediaries; she will continue to oversee the Fidelity Brokerage Company, while also supervising institutional services, life insurance and enterprise operations
Abigail P. Johnson remains president of Fidelity Employer Services Company and will share distribution leadership with McColgan, while Vice Chairman and COO Robert L. Reynolds has announced plans to retire. John J. Remondi has been tapped as interim chief administrative officer, reporting to Edward Johnson.
In other Fidelity news, John M. Harris has been named portfolio manager of the Fidelity Select Consumer Discretionary Portfolio, Fidelity Advisor Consumer Discretionary Fund and VIP Consumer Discretionary Portfolio, succeeding Martin Zinny. Harris joined Fidelity in 2006; earlier, he worked for Morgan Stanley, UBS Warburg, and Schroder & Company. Evan Hornbuckle, who has been with Fidelity since 2005 and worked previously for Putnam Investments, has been named portfolio manager of Fidelity Select Retailing Portfolio, also succeeding Zinny.
T. Rowe Price Group has reported that its assets under management are roughly $350 billion as of March 31. Investor inflows into mutual funds were $8.4 billion in the latest quarter; total assets in this segment ended the period at nearly $220 billion.
The company, which split its common shares (TROW) two-for-one in June 2006, notes that its growth stock fund added $2.3 billion of net investments during the quarter. Its retirement funds had net inflows of $2.8 billion — the largest quarterly amount since this fund series was launched in September 2002. Total assets in the retirement funds exceed $20 billion.
Schwartz Investment Counsel of Bloomfield Hills, Mich., the investment adviser to the Ave Maria Mutual Funds, has completed the previously announced merger of the Catholic Equity Fund into the Ave Maria Rising Dividend Fund (AVEDX).
“This will be a great opportunity for the former Catholic Equity Fund shareholders to build diversified portfolios across different asset classes within our no-load family of morally responsible funds,” says George P. Schwartz, CFA, president of the Ave Maria Mutual Funds.