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’Morgan Stanley hires ex-Fidelity executive
Ellyn McColgan, a former Fidelity executive, is to become one of the top women on Wall Street after being appointed Morgan Stanley’s head of wealth management. McColgan will take over day-to-day responsibility for the wealth management arm from James Gorman,
Fidelity tops fund redemption league
A nasty little knock for Fidelity Investments today, the world’s largest mutual fund company – it turns out they manage four of the 10 US funds which have had the biggest investor withdrawals this year.
M-LEC: who’s in, who’s out
First they were out – now they’re in. Deutsche Bank look like they’ll be the latest Europeans to climb aboard the optimistically named Master Liquidity Enhancement Conduit, or Supersiv, reports Bloomberg.
Fidelity in US consumer banking push as it broadens horizons
Fidelity, the mutual fund group that recently became the biggest brokerage company in the US, is having a busy month in various key markets. In the US, it is moving into consumer banking by launching a cheque account,
Fidelity’s Wastcoat resigns UK post
Richard Wastcoat, UK managing director of Fidelity International, is stepping down as Fidelity breaks up the core UK mutual fund business that he ran. Fidelity International, which manages about $300m worldwide,
McColgan departure shakes Fidelity
Fidelity suffered another key departure on Tuesday when Ellyn McColgan, who was in the running to head the mutual fund giant, quit just one day after a new top executive started work at the firm. Ms McColgan is the third senior executive to leave Fidelity this year,
Ceridian in $5.3bn buy-out
Ceridian, the US payments and processing company that has been fighting activist investors, on Wednesday struck a deal to sell itself for $5.3bn to a consortium including Thomas H Lee Partners, the US private equity group,
Bolton regrets as BT confirms £2.5bn buy-back
BT on Thursday regained its status as the UK’s largest broadband provider, as it reported a 22 per cent rise in annual pre-tax profit and confirmed it was gearing up to pay for a £2.5bn share buy-back programme.
Fidelity slashes its stake in PetroChina
Activists targeting investors in listed companies with interests in Sudan appear to have won their first big victory with the sale by Fidelity Investments of most of its US holdings in PetroChina. The activist coalition,
Bolton warns of dangers ahead
Anthony Bolton, Britain’s most feted fund manager, has fired a message of doom and gloom as his parting shot to the industry. Speaking at a dinner marking the appointment of Sanjeev Shah as his successor to manage Fidelity’s flagship Special Situations fund,
Private equity blinks first in Clear Channel bid
Clear Channel Communications, the largest US radio station chain, on Wednesday accepted a higher bid from a consortium of buy-out firms in a move that some say could salvage the largest private equity takeover in the media industry from collapse.
Altadis told to accept Imperial’s offer in absence of other bids
Three of Altadis’s largest shareholders have instructed the board of the Spanish company to accept a revised offer from Imperial Tobacco if a rival bidder does not emerge soon, reports The Times. The US investment managers Franklin,
The flight to PE — Fidelity’s Gordon and 3i’s Yea do not quite agree
It is absolutely right that that the private equity industry’s routine claims to superior performance be questioned, argues Michael Gordon, Fidelity International’s chief investment officer, in a doubled-headed FT debate.
The rules of the game have changed
Many traditional asset mangaers will have sympathy with the attack on the private equity sector launched by Fidelity International’s Michael Gordon, writes Barry Riley in his Last Word column.
In a letter to the FT,
Fidelity targets pensions cash with new long/short products
Fidelity plans to launch a dozen products in the next 18 months in a bid to establish itself as a big manager of institutional money for pension funds and endowments. Fidelity launched its institutional arm,