Peter Cieszko just brought a fellow Evergreen Investments alum on board to lead product management at Fidelity Investments Institutional Services Company, the unit that distributes the Boston Behemoth's mutual funds and 401(k) offerings through intermediaries. Fidelity spokesman Steve Austin confirmed that Scott Couto is joining FIIS as head of product management.

Couto oversees investment product management, as well as institutional product management, investment consulting services and product analysis. Marty Willis, executive vice president of investment product management for FIIS, will join OppenheimerFunds on October 1 (see the MFWire, 9/2/2009).

Couto most recently led a team of product professionals at Evergreen, developing various products, including core-plus, fixed income, global enhanced index, leveraged credit and portable alpha products. A spokesperson for Evergreen could not immediately be reached for comment on how Couto's duties are being handled.

Cieszko himself previously led distribution for Evergreen, and he was tapped as Evergreen's next CEO shortly before Wells Fargo took over Evergreen's parent Wachovia. Cieszko left Evergreen shortly before the Wells Fargo deal closed and he joined Fidelity. 

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