Deals & People May 21, 2009

Neuberger Announces New Distressed Credit Team

Neuberger Berman Group LLC announced Michael J. Holmberg, a veteran distressed credit portfolio manager, has joined the firm.
Reported by

Holmberg, who will be based in Chicago, joins Neuberger Berman’s integrated Leveraged Asset Management platform, which will be extending its product offerings to include distressed credit securities, a release said. Before joining Neuberger Berman, Holmberg founded Chicago-based Newberry Capital Management LLC, which focused on managing distressed credit-related assets for institutional clients.

Holmberg is bringing with him to Neuberger a team of four other investment professionals from Newberry Capital.

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Deals & People May 21, 2009

Perold Named to Fidelity Asset Management COO

Fidelity Investments has tapped Jacques Perold for the newly created position of chief operating officer of Asset Management.
Reported by

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, according to a press release. He also will be a member of the firm’s Executive Committee.

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, the announcement said.

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“I am very pleased to add an executive and investor of Jacques’ caliber to our senior leadership team,” said Michael Wilens, head of Asset Management at Fidelity, to whom Perold will report, in the release. “Jacques is tremendously well regarded both inside and outside of Fidelity, and will make significant contributions to the management of our investment divisions.”

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.

Geode reorganized as an independent company in 2003, and serves as sub-advisor on a number of Fidelity index and enhanced index portfolios.

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