Ex-Fidelity $1.8 Trillion Manager Perold Joins Allstate's Board

  • Perold's addition to board brings total to 11 directors
  • Perold had worked as president of Fidelity's mutual funds unit

Allstate Corp., the largest publicly traded U.S. car and home insurer, elected former Fidelity Investments money manager Jacques Perold to its board.

The insurer now has 11 directors, Northbrook, Illinois-based Allstate said Tuesday in a statement. Perold, 57, was president of Fidelity Management & Research Co., overseeing a group of mutual funds with about $1.8 trillion under management. He retired from Fidelity in 2014, Allstate said.

Allstate joins insurers including Unum Group and MetLife Inc. in naming former asset managers or Wall Street bankers to their boards. Unum, the provider of disability coverage, said in February that Ronald O’Hanley, one of Perold’s former bosses at Fidelity Investments and now chief executive officer of State Street Global Advisors, joined its board.

“Jacques is an accomplished leader and executive who further strengthens our board’s diverse capabilities,” Allstate CEO Tom Wilson said in the statement. “His strategic insights and 30 years of operations and investment expertise will be invaluable in creating shareholder value.”

Perold has been president of Geode Capital Management LLC, according to the statement. He is an advisory board member for New York Life Insurance Co.’s MainStay mutual funds and chairman of World Music Inc.

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