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.
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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.

Data & Research May 21, 2009

Nearly Half of Terminated Workers Kept Assets in 401(k) Plan

Almost half (43%) of workers who left their jobs in the first quarter of 2008 still had not moved their 401(k) assets a year later, according a Charles Schwab report about plans it administers.
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The other 57% of assets held by 401(k) participants who left their job in the first quarter of 2008 had been distributed from former employers’ plans by the end of the first quarter 2009. Of that amount:

  • 75% of assets were rolled over into IRAs;
  • 14% of assets were taken in cash distributions;
  • 7% of assets were moved into new employer plans;
  • 4% of assets were taken in other forms of distributions.

“We urge people to educate themselves on their options when they leave a job, especially if they expect to be out of work without access to a savings plan at a new job,” said Rene Kim, Charles Schwab senior vice president, in the news release.

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Kim said participants should carefully evaluate whether to stay in the old employer’s plan, roll into a new employer’s plan, roll into an IRA, or take a distribution.

The data is based on 9,790 terminated participants in Schwab Retirement Plan Services’ 401(k) plans from January 1, 2008, to March 31, 2009.

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