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Rating:DeSano Stays, but Five Will Join Him Not Rated 2.0 Email Routing List Email & Route  Print Print
Thursday, February 17, 2005

DeSano Stays, but Five Will Join Him

by: Theresa Sim

Fidelity Investments has hired four managers to work under head trader Scott DeSano, the Boston Globe reported on Thursday. One more has yet to be named.

DeSano was reportedly fined somewhere in the neighborhood of $50,000 and part of his bonus for allegedly failing to supervise brokers working under him. The firm's trading group is currently under investigation for accepting gifts from brokers-dealers in exchange for placing trades through the firms. Fidelity has fined or penalized 14 employees, including DeSano, and admitted that four have left the firm in connection with the matter.

Fidelity drew on internal staff to fill the new positions: Christopher Goudie becomes head of domestic equity trading, Robert Minicus will be head of the Boston-based international equity trading and foreign exchange operations, David Lane will be director of trading operations, and Ani Chitaley will be senior vice president in a unit that monitors best execution, reports the Boston Globe. Fidelity has not yet named an employee for a fifth manager -- a senior primary trader.

Fidelity denied that the new hires are intended to take away from DeSano's responsibilities. DeSano remains head of equity trading.

"Scott oversaw the whole division. He continues to oversee the whole division. His job has not changed. He continues to be responsible for setting the strategic direction" of Fidelity's trading group, spokeswoman Anne Crowley told the Boston Globe.

"We're adding additional operational expertise to assist him in his overall management of the group" said Crowley. She continued the reason for the new hires is to "improve existing efficiencies and enhance existing safeguards."  

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