March 8 (Bloomberg) -- Fidelity Investments, the second-largest mutual fund company, rehired Anthony Rochte of State Street Corp. to lead a new division focused on specialized sector investments.
Rochte was a senior managing director at Boston-based State Street’s money-management unit, where he helped run the world’s second-largest line-up of exchange-traded funds. He will become president of the new division starting in late April, said Adam Banker, a spokesman for Boston-based Fidelity.
Rochte, who worked at Fidelity from 1996 to 2000 as vice president of investment services in the firm’s institutional brokerage business, will report to Jacques Perold, president of Fidelity Management & Research Co., said Banker, who declined to specify what kind of investment options the division would focus on under Rochte.
Last year, investors poured $118 billion in U.S.-registered ETFs while withdrawing $31 billion from actively managed mutual funds, according to the Investment Company Institute, a Washington-based trade association. About 91 percent of Fidelity’s stock and bond mutual fund assets are in active funds, according to data compiled by Bloomberg.
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