In further budget tightening, Fidelity is axing 160 brokerage division employees out of 1,750 in its Boston and Smithfield offices, Rhode Island, says the Boston Globe. The employees will be given 60 days with pay to choose whether to locate another job at Fidelity or leave the firm. Those who leave will receive severance pay. This move follows Fidelity's May decision to eliminate merit pay for employees earning more than $75,000. The paper adds that Fidelity has no firmwide mandate to reduce costs.



Fidelity Investments is launching four new funds; two of which are undervalued stock funds and two of which are growth stock funds. Robert Macdonald will manage both the Structured Large Cap Value and Structured Mid Cap Value; benchmarked to the Russell 1000 Value index and Russell Midcap Value index, respectively. Jeff Kerrigan will manage both the Structured Large Cap Growth and Structured Mid Cap Growth funds; benchmarked to the Russell 1000 Growth index and the Russell Midcap Growth index, respectively.



After much buzz, TOPIX and Nikkei-linked ETFs began trading on the Tokyo and Osaka bourses today, says Reuters.



The Courtney Group, an investment banking firm that specializes in raising private equity for investment management companies and mergers and acquisitions has announced that John Appel, cofounder of Silicon Valley venture fund Tira Capital, has joined the firm as managing director.  

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