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Friday, November 04, 2011

Fidelity Names New Fixed Income Chiefs

Reported by Neil Anderson, Managing Editor

Fundsters on the fixed income side of the business may want to read up on Fidelity's [see profile] latest executive appointments. Today the Boston-based mutual fund firm named Robert Brown as president of its bond group, Nancy Prior as president of money markets, Christopher Sullivan as head of institutional fixed income and David Hamlin as head of research for fixed income. All four report to Charles Morrison, president of the fixed income division (which manages more than $729 billion).

"Enhancing our fixed income structure and expanding our leadership team with these experienced investment professionals strengthens an already exceptional organization and better positions us to seize global growth opportunities," Morrison stated.

Brown, who previously served as president of money markets, joined Fidelity 16 years ago as a senior research analyst. He also worked at MFS, Putnam and John Hancock.

Prior, most recently served as a managing director of credit research, joined Fidelity's fixed income team nine years ago as a senior legal counsel. She previously worked with Advantage Schools and Mintz Levin.

Sullivan, who most recently led the bond group, first joined Fidelity in 2009. He previously worked at Goldman Sachs, Pimco, Hawaiian Trust Company and Dimensional Fund Advisors. His institutional fixed income chief role is a brand new position at the firm.

Hamlin, who most recently served as a managing director of credit research, joined Fidelity five years ago as a manager in fixed income's quantitative research group. He previously worked with Putnnam, Vanguard, PNC and Continental Bank. His new post is also a new one at Fidelity.

Company Press Release

BOSTON, November 4, 2011 -- Fidelity Asset Management, one of the world’s leading global institutional multi-asset class managers, today announced leadership appointments within its Fixed Income Division, which includes the company’s Bond Group and Money Market Group. These appointments include:

  • Robert P. Brown has been named president of Fidelity’s Bond Group, succeeding Christopher Sullivan. Brown was previously president of Money Markets.

  • Nancy D. Prior has been promoted to president of Money Markets, succeeding Brown. Most recently, Prior was a managing director of Credit Research.

  • Christopher Sullivan has been named head of Institutional Fixed Income, a newly created role.

  • David E. Hamlin has been promoted to head of Research for Fixed Income, a newly created role. Hamlin was previously a managing director of Credit Research.

    “The fixed income markets have grown ever more complex in recent years, while our bond and money market businesses have grown substantially,” said Charles S. Morrison, president of Fidelity’s Fixed Income Division. “Enhancing our fixed income structure and expanding our leadership team with these experienced investment professionals strengthens an already exceptional organization and better positions us to seize global growth opportunities, while continuing to help us meet the evolving fixed income needs of our institutional and retail clients.”

    Brown, Prior, Sullivan and Hamlin will report directly to Morrison. Fidelity’s Fixed income Division manages more than $729 billion in assets on behalf of retail, intermediary and institutional clients globally.i

    Robert Brown, president of Bonds

    Brown was president of Money Markets from 2009 to 2011. He joined Fidelity in 1995 as senior research analyst. From 1997 to 1998, he was a senior trader and served as research analyst and corporate bond portfolio manager until 2005. Brown was managing director of Research in the Fixed Income Division from 2005 until he was named president of Money Markets.

    Prior to joining Fidelity, Brown was director of Investment Grade Research at Massachusetts Financial Services. He previously worked at Putnam Investments and John Hancock Capital Corporation.

    Nancy Prior, president of Money Markets

    Prior joined Fidelity in 2002 as a senior legal counsel for Fixed Income, eventually rising to senior vice president and deputy general counsel. Most recently, she was a managing director of Credit Research in the Fixed Income Division, where she was responsible for leading a team of research associates in the financial sector.

    Before joining Fidelity, Prior was general counsel at Advantage Schools Inc. and an attorney at Mintz Levin in Boston.

    Christopher Sullivan, head of Institutional Fixed Income

    In this new role, Sullivan will be responsible for building Fidelity’s fixed income presence in the institutional market. He will help assess Fidelity’s current fixed income product offerings, while also advising on new product development.

    Working with the distribution team at Pyramis Global Advisors, a Fidelity Investments company, Sullivan also will lead the effort to evaluate non-U.S. fixed income opportunities and help build a long-term, global expansion plan that encompasses regional sales, the development of investment offerings and client service needs.

    Sullivan was president of Fidelity’s Bond Group from 2009 to 2011. Prior to joining Fidelity in 2009, Sullivan was co-head of U.S. Fixed Income for Goldman Sachs Asset Management (GSAM) from 2001 to 2009. Before joining GSAM, Sullivan was an executive vice president of Pacific Investment Management Company (PIMCO), where he was a senior member of their Account Management group from 1997. Previously, he managed equity portfolios and mutual funds at Hawaiian Trust Company in Honolulu, Hawaii. Sullivan began his investment management career in 1988 at Dimensional Fund Advisors in Santa Monica, Calif., where he spent the majority of his efforts managing fixed income mutual funds.

    David Hamlin, head of Research

    Hamlin will lead fixed income research in a newly created role that will centralize Fidelity’s taxable and municipal research efforts for both bonds and money markets.

    From 2009 to 2011, Hamlin was a managing director of Credit Research in the Fixed Income Division, where he was responsible for leading a team of research analysts in the industrial and utility sectors. He also oversaw the build out of Fidelity’s global research team in London. Hamlin joined Fidelity in 2006 as manager of the Quantitative Research group for Fixed Income.

    Prior to joining Fidelity, Hamlin worked as a senior portfolio manager and the team leader in the Tax Exempt Group for Putnam Investments. Before working at Putnam, he spent 12 years at the Vanguard Group, where he was a portfolio manager and a senior member of the team responsible for the hiring and oversight of Vanguard’s external investment managers. In addition, Hamlin was a portfolio manager at PNC Bank and a credit analyst at Continental Bank.

    Fidelity Continues to Expand Global Fixed Income Capabilities

    The new leadership appointments continue to reinforce Fidelity’s commitment to investing in its global fixed income capabilities. Earlier this year, Fidelity launched several new fixed income funds including Fidelity Conservative Income Bond Fund and the Fidelity Defined Maturity Funds, a series of four diversified open-end mutual funds that invest primarily in investment grade municipal bonds, which are generally clustered around the fund’s maturity date.

    Fidelity also continued to expand its London fixed income office with the appointment of the company’s first London-based fixed income portfolio manager, Jamie Stuttard, and three fixed income analysts. This continues an expansion program that has seen Fidelity double its fixed income investment professionals in London over the past three years to more than 20 today.

    “The collective talents of Bob, Nancy, Chris and David form an impressive fixed income leadership team that expands our capabilities at a time when shifting demographics, an increasingly risk averse investor mind-set and a growing interest in global solutions are creating significant opportunities for our business,” said Morrison.

    About Fidelity Investments

    Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.2 trillion, including managed assets of more than $1.4 trillion, as of September 30, 2011. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.

    # ##

    Before investing, consider the funds investment objectives, risks, charges and expenses. Please visit www.fidelity.com or advisor.fidelity.com for a prospectus or if available, a summary prospectus, containing this information.

    Fidelity Brokerage Services LLC, Member NYSE, SIPC
    900 Salem Street, Smithfield, RI 02917

    Fidelity Investments Institutional Services Company, Inc.,
    100 Salem Street, Smithfield, RI 02917

    Pyramis Global Advisors
    900 Salem Street, Smithfield, Rhode Island, USA 02917 

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