Fidelity has found its new chief operating officer of asset management. Jacques Perold joins the firm from Geode Capital Management in the newly created role. Geode was originally formed as a Fidelity subsidiary.

The MFWire first reported on Fidelity's search for a chief operating officer in April. (see MFWire 4/17/09) At the time, a spokesman told the MFWire that "there is not a search for a chief operating officer."

When rumors first started circulating, the post was described to the MFWire as being the "right hand" to Rodger Lawson, president of FMR Corp and also as a possible successor for him in the future. A Fidelity spokesman said the firm did not discuss succession plans.

Perold continues a trend at Fidelity of hiring familiar faces from the past. He originally joined Fidelity in 1986. Lawson, who joined the company in 2007 as president of FMR Corp., led the company's retail operations in the late 1980's. (see MFWire 7/16/07)

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Company Press Release

BOSTON, May 21, 2009 - Fidelity Investments announced today the appointment of Jacques P. Perold to the newly created position of chief operating officer of Asset Management. Perold joined Fidelity in 1986 and, since 2001, has served as president of Geode Capital Management, LLC, an independent institutional investment firm originally formed as a Fidelity subsidiary.

"I am very pleased to add an executive and investor of Jacques' caliber to our senior leadership team," said Michael E. Wilens, head of Asset Management at Fidelity, to whom Perold will report. "Jacques has been a portfolio manager, analyst, trader, technical and operations expert, and overall investment innovator around Fidelity for 23 years.

"He has an expansive expertise in all areas of the financial markets and a broad creativity around the development of innovative investment strategies and products," Wilens added. "Jacques is tremendously well regarded both inside and outside of Fidelity, and will make significant contributions to the management of our investment divisions."

In his new role, Perold will oversee the day-to-day management of Fidelity's asset management groups, including Fidelity Management & Research Company (FMRCo), Pyramis Global Advisors, and Strategic Advisers. He also will be a member of the firm's Executive Committee.

Reporting to Perold will be Brian Hogan, Chris Sullivan and Charlie Morrison, the presidents, respectively, of the equity, bond and money market disciplines in FMRCo; Kevin Uebelein president of Pyramis Global Advisors; Boyce Greer, president of Strategic Advisers and Global Asset Allocation; Tony Ryan, head of Asset Management Strategy and Product Development; Steve Neff, chief information officer; Sue Sgroi, executive vice president of human resources; and Chuck McDevitt chief financial officer.

Perold has served as president of Geode since the firm was founded in 2001 as a Fidelity subsidiary, building it from a start-up to managing more than $52 billion for institutional clients. Geode reorganized as an independent company in 2003, and serves as sub-advisor on a number of Fidelity index and enhanced index portfolios.

During his Fidelity career, Perold served as an investment systems analyst, directed investment management information and analysis, headed equity trading research and development and structured trading, managed currency portfolios, directed integrated quantitative and technical research, and served as portfolio manager of a number of Fidelity's index mutual funds that continue to be sub-advised by Geode.

"Through FMRCo, Pyramis and Strategic Advisers, Fidelity manages over a trillion dollars for millions of individuals and institutions, and our asset management ranks include more than 2,000 portfolio managers, analysts, traders, and technical and operations experts," said Wilens. "With our investment management products, portfolios and processes becoming ever more complex, we believed it was important to add Jacques' proven leadership skills to our efforts on behalf of our clients."

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of nearly $2.7 trillion, including managed assets of $1.3 trillion as of April 30, 2009. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to over 20 million individuals and institutions as well as through 5,000 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit Fidelity.com.

 

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