, head of equity trading for Fidelity Management & Research, has been reassigned to a new position as vice president of Strategic New Business Development within FMRCo, the company announced in a release
DeSano, along with other traders at Fidelity, were fined or punished earlier this year in connection with a regulatory gift-giving probe. Fidelity also fired several trades in connection with the ongoing investigation.
In February, the Boston Globe reported Fidelity named five managers to report to DeSano, but that the managers would not take away from DeSano's responsibilities.
"Scott has considerable operational experience, particularly having set up the equity trading organization at Fidelity Management & Research Company (FMRCo)," stated Robert L. Reynolds, Fidelity vice chairman and chief operating officer, in the release.
"We want to access that experience in a number of areas. I am pleased that Scott will be in a position to add value across the Fidelity organization," said Reynolds.
DeSano has headed equity trading at Fidelity since 1996. He joined Fidelity as head of fixed income trading in 1991.
Walter Donovan, who heads fixed income and global equity trading, will take over for DeSano until a replacement is named.
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