Fidelity Investments Names Ryan Head Of Asset Management, Product Devt

   DOW JONES NEWSWIRES 
 

Fidelity Investments named Anthony W. Ryan to head the firm's asset-management strategy and product-development unit on Friday.

The appointment is the latest personnel move for Fidelity Investments, which recently removed several portfolio managers whose funds stumbled badly in 2008.

A company representative said Ryan was assuming a newly created position.

The mutual fund firm, which invests most of its assets in common stocks, said Ryan will be responsible for long-term investment strategies as well as developing and coordinating investment-management product offerings.

At the end of 2008, assets in Fidelity's equity funds had dropped 46% to $395.9 billion from $730 billion a year earlier, according to research firm Morningstar Inc. Fidelity fared far better with its bond and money-market funds.

Ryan served as acting undersecretary for domestic finance for the U.S. Treasury Department during the last months of the administration of President George W. Bush and first joined the Treasury Department in 2006.

Ryan held leadership positions in the investment management industry over the previous 20 years, working for State Street Corp.'s (STT) institutional investment management arm and as a manager of Global Investments at PanAgora Asset Management.

Fidelity Investments had custodied assets of $2.6 trillion, including managed assets of more than $1.2 trillion as of Dec. 31. Fidelity offers investment management, retirement planning, brokerage and human resources services.

-By John Kell, Dow Jones Newswires; 201-938-5285; [e-mail]