J. Gary Burkhead was named vice chairman of FMR Corp., Fidelity's parent company. Mr. Burkhead also was named president and CEO of Fidelity Institutional Group, with senior responsibility for all of the company's institutional retirement, trust, financial intermediary, brokerage and Canadian institutional businesses. Both positions are new.
Robert C. Pozen was named to replace Mr. Burkhead as president and CEO of Fidelity Management & Research, the investment management arm of the company. Mr. Pozen now has oversight responsibility for Fidelity's investment management activities. Lena G. Goldberg replaced Mr. Pozen as vice president and general counsel of FMR.
Courtney D. Smith closed Pinnacle Capital Management and joined Orbitex Management as CIO, a newly created position. Mr. Smith will manage the Orbitex Growth Fund and its Communications and Info-Tech Fund. He also will be responsible for selecting subadvisers to manage new mutual funds for the largely retail fund vendor. Orbitex specializes in global niche market investing.
Orbitex has five funds in registration with the SEC; three will be run in-house. Orbitex tentatively hired Impact Management to subadvise the Orbitex Asian High Yield Fund and State Street Global to manage the Asian Select Advisor Fund contingent on SEC approval