MONEY MANAGEMENT

Fidelity hires BNY Mellon exec to lead unified product development effort

Cyrus Taraporevala was named head of investment capability management at Fidelity Asset Management, confirmed spokesman Vin Loporchio.

The position is new. It reflects Fidelity's decision to unify oversight of asset strategy product management, which has been handled by separate groups at Pyramis Global Advisors, Fidelity's institutional business, and FMR Co., its huge retail-focused business.

Bringing those groups under one leader “is an important step in our continuing efforts to provide institutional-quality products that leverage the full strength of asset management's investment capabilities,” Mr. Loporchio wrote in an e-mailed response to questions.

Mr. Taraporevala was executive director of North American distribution at BNY Mellon Asset Management. He won't be directly replaced, said BNY Mellon spokesman Mike Dunn, adding, “We have already announced our plans to appoint a global head of client development, who will have overall responsibility for client service and distribution globally.”