Tags: Bankruptcy, Cerberus, Fidelity, GLG, Hedge funds, KKR, Private equity
After being closed for over 10 years, Fidelity Magellan is opening its doors
On January - 15 - 2008
Fidelity Investments is opening Magellan
Fund to new investors for the first time in more than a decade as it seeks to
capitalize on a turnaround by manager Harry Lange.Lange, who took over Magellan in October
2005, beat 82 percent of rivals in 2007 as the $44.8 billion fund posted its
highest returns in 14 years. Once Fidelity’s largest fund until the Internet
boom went bust, Magellan will take new deposits starting tomorrow, the
world-biggest mutual-fund manager said today in a statement.
Tags: Fidelity
Uncategorized
Fidelity: Pink slips said to be going out to around 200
On November - 1 - 2007
Mutual-fund titan Fidelity Investments is
expected to begin layoffs, say analysts and people close to the firm, as its new
president follows through on a recent promise to tighten spending.Several former employees say they have been
in touch with managers who have been instructed to begin giving notice to
employees in areas including information technology and retirement services. One
person familiar with the matter said 200 employees would be notified of layoffs
today.James Lowell, editor of the independent
Fidelity Investor newsletter, forecast the largest number of layoffs Fidelity
has made in years. In 2002, the company announced layoffs of 1,695 employees,
then about 5% of its work force, but has since built up staff substantially.Fidelity’s new president, Rodger Lawson,
signaled belt-tightening in a September memo to employees. Mr. Lawson said the
company must "curb expenses where they are wasteful, not only to avoid
waste, but to compete-and win-against some very tough rivals in an unforgiving
marketplace."
Fidelity Investments Is Expected To Begin Layoffs – Wall Street Journal
Tags: Credit Crunch, Fidelity, Revolving Door
 |
|
Tags: CDO, Fidelity, LBO / MBO, Private equity
Jefferies’ equity chief booted over Fidelity partying scandal
On February - 13 - 2007
Jefferie’s equtiy head Scott Jones didn’t retire — he got the boot according to the New York Post:
Jones’ departure was just the latest echo from Jefferies’ ill-fated attempt to win business from Fidelity by showering the money management giant’s powerful stock trading desk with $2 million in gifts and travel.
Starting in 2002, according to a Securities and Exchange Commission order, Jefferies stock sales star Kevin Quinn wooed Fidelity traders with cases of wine and lavish trips to the Caribbean. The bank even helped finance a raucous bachelor party in Miami Beach for a trader that featured dwarf-tossing and strippers.
The SEC tagged Jones – a popular, 24-year veteran of Jefferies – for his failure to supervise Quinn, levying a $50,000 fine and a three-month supervisory suspension. The firm also was fined more than $15 million, and Quinn was barred from the industry for life.
Jefferies’ ‘Party’ Boss Gets The Boot – New York Post
Tags: Banking Culture, Fidelity, Jefferies
Uncategorized
NFL commissioner draft: Number two Fidelity guy is on the shortlist
On July - 31 - 2006
Robert Reynolds, vice chairman and chief operating officer at Fidelity Investments has been chosen as one of the five finalists being considered for the NFL commissioner gig….
