Fidelity has no plans to cut back on its e-business spending, report the Boston Globe. The paper quotes Steve Elterich, president of Fidelity's 700 member e-business as calling the Web "the customer's window into Fidelity." He added that e-business has not reduced its budget nor does it plan to trim its staff. "We're not considering anything along those lines," the paper quotes Elterich as saying.



Longleaf Partners will liquidate its $500 million real-estate mutual fund, reports the Wall Street Journal. The paper reports that trustees and managers of the fund voted that the "fund no longer provides shareholders the best vehicle" for making money in the property market." Those managers own $80 million of the fund's assets. The fund's portfolio was 90 percent liquidated last week. Investors will be given the option of transferring their holding to the Longleaf Partners Small-Cap fund. They have until the end of November to make the decision. The directors cited the diminishing universe of REITs available as investments as a reason for the action, but the paper also notes that the fund's performance had lagged its peer group.



Eaton Vance has promoted Thomas E. Faust Jr. to chief investment officer and promoted Duncan W. Richardson as chief equity investment officer to fill Faust's shoes. Faust has been at the firm since 1985 and was most recently chief equity investment officer. The promotion will make him responsible for investment performance across all investment disciplines at Eaton Vance, including equity and fixed and floating-rate income, and for creating additional new products. 

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