May 25, 2009
Jefferies Selects Peters to Lead Wealth Management
Jefferies & Co. has hired A. Markman Peters as managing director, head of wealth management. Peters has worked in the industry for 29 years, most recently at SunTrust Bank, where he was executive vice president and head of private wealth management. Before joining SunTrust, Peters had a similar role at Citigroup Private Bank, was a managing director of private client services at DLJ Securities and spent 14 years at Goldman Sachs Private Client Services.
"We see a terrific opportunity to grow Jefferies' wealth management business, given the reduction in the number of full-service Wall Street firms serving this markets," said Richard B. Handler, chairman and CEO of Jefferies. "Mark Peters, with his tremendous relationships and experience in building successful platforms at other firms, is the ideal person to lead Jefferies' wealth management effort, and his hiring reflects our increased commitment to expand the services we offer executives, families and high-net-worth individuals."
Peters said: "I'm excited to join a thriving platform so well-positioned on Wall Street. My experience working in both brokerage and private banking, coupled with having help having helped build or restructure three wealth management franchises, will enable me to drive the expansion of Jefferies' wealth management business in this time of unique opportunity."
Fidelity Said to be Looking For New Investment Chief
Even though Fidelity's mutual funds are performing strongly, with 62% in the top half of their category, the firm is reportedly looking for a new chief investment officer. By comparison, in 2008, only 36% of the firm's funds were in the top half.
Since March, Fidelity has named new equity and fixed income leaders, and since naming a new president in 2007, the firm has replaced a number of leading executives and hired a number of stock analysts.
Last year, certainly, the funds did not perform well. The flagship Magellan fund was down nearly 50%, but so far this year, it has returned 10%, 5.1 percentage points better than its category average.
Magellan Portfolio Manager Harry Lange explained to Reuters, "The companies I believed in, I just kept buying them on the way down, the ones that had cash and were market leaders. It was a gut-wrenching time last year, and I've been in the industry long enough to know that a time when I have to step up, when things look the worst."
Harvey Joins Dechert as a Partner in Financial Unit
Christopher P. Harvey has joined Dechert as a partner in its financial services group. He comes to the firm from WilmerHale, where he was a partner and co-chair of the investment management practice group.
"With his broad experience, Chris is a terrific addition to our top-ranked financial services practice," said Barton J. Winokur, chairman of Dechert. "Chris, who enjoys a high industry profile, will further enhance our brand as an industry leader in the representation of financial services firms."
Harvey commented, "Dechert's highly regarded financial services practice is the perfect venue for me to counsel financial services firms as they face a very challenging business and regulatory environment." Harvey was cited as a leader in hedge fund and mutual fund law in the 2007, 2008 and 2009 editions of Chambers USA: America's Leading Lawyers for Business. Licensed to practice in Massachusetts, Harvey graduated from Boston College summa sum laude and Boston College Law School magna cum laude.
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