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Friday, July 02, 2004

Fidelity VP Takes Off

by: Theresa Sim

Jerry Garvey, senior vice president of equity trading at Fidelity Capital Markets Group, has left the firm, reported the WSJ on Thursday.

"[Garvey] left to pursue other opportunities," the WSJ reported Fidelity spokeswoman Sarah Friedell, as saying.

A spokesperson did not immediately return a call seeking comment.

The head of Garvey's group, James MacGilvray, has reportedly been making changes to the division.

It was unclear whether Garvey's departure was related to Fidelty's move to eliminate soft dollar payments for market data services last week.

According to the WSJ, Fidelity Capital Markets Group offers soft dollar services to Fidelity Investments and other companies. A spokesman denied that Garvey's departure was related.

Fidelity will continue to use soft dollars for research services, the vast bulk of its soft dollar payments. 

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