September 10, 2007
Aberdeen Names Esposito Head of U.S. Mutual Funds
Aberdeen Assset Management has hired Vincent Esposito as head of U.S. mutual funds. In this newly created role, Esposito will oversee closed-end and open-end funds and their administration and distribution.
With nearly 25 years of experience, Esposito comes to the firm from DWS Scudder Investments, where he was a managing director and president of Scudder Mutual Funds. He also served on the company's closed-end funds board and was chairman of the board for its offshore funds.
"We are all pleased to have someone of Vincent's experience, knowledge and leadership join our team," said Gary Bartlett, Aberdeen's chief executive officer. "Vincent will greatly assist with the continued development of our mutual fund business."
Stowers Leaves American Century for New Ventures'
James E. Stowers III, chairman of the board at American Century Investments, has stepped down from his position to "focus his full attention on new business ventures," the company announced. Stowers has spent his entire 26-year career so far at the company that his father, James E. Stowers, Jr., founded in 1958.
"American Century and I literally grew up together," the younger Stowers said. "When I first joined the company, we were managing only three mutual funds that had less than $1 billion in assets. The fact that we now manage more than $100 billion is a testament to our long-held belief that success would occur as long as we focused on making investors and clients successful.
"With the leadership transition complete and outstanding professionals serving in all key executive and investment management positions, it now felt like the right time to step away from the company," he said.
Anticipating Stowers' departure a year ago, the company established a succession plan, appointing Jonathan S. Thomas president and chief executive officer, Enrique Chan chief investment officer and Barry Find chief operating officer. The company also hired Mark On as chief investment officer of international equity and Stephen Lurito as CIO of U.S. growth equity.
The senior Stowers and Richard W. Brown, co-chair of the board of directors of the Stowers Institute for Medical Research, are now co-chairs of American Century.
Fidelity Promotes Cheng To Lifecycle Fund CIO
Fidelity Investments has named Ren Cheng chief investment officer of its lifecycle and asset allocation funds.
Formerly one of the portfolio managers of Fidelity's Freedom line of lifecycle funds, Cheng now oversees a total of $130 million in assets and 12 portfolio managers and analysts. Although he previously oversaw the group, he didn't have the CIO title.
"The position of CIO is a new one, and with Ren no longer involved in the day-to-day management of the Freedom funds, this will allow him to focus on the strategic direction of the group as well as to develop new investment talent," said Fidelity spokesman Alexi Maravel.
Lineberry Becomes SEC's Market Surveillance Chief
The Securities and Exchange Commission has promoted Mark Lineberry from branch chief to head of the office of market surveillance within the enforcement division. He succeeds Joe Cella, who resigned from the position earlier this year.
The market surveillance office works with stock markets to crack down on insider trading and stock manipulation.
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