Emerson to Leave Fidelity For Post at Goldman Sachs
May 09, 2011
BOSTON -- Mutual fund giant Fidelity Investments on Tuesday said Roberto A. Emery, the once-rising star who headed its $2.1 billion Portfolio Advisory Services money-management business, is leaving effective May 14, 2011 join Goldman, Sachs & Co.. In an internal Golman, Sachs memo obtained by Dow Jones News Service, Goldman Sachs said Mr. Emery would join the brokerage house as a vice president of its Asset Management Division. He also will be co-head of the emerging markets equities business, and will help build up its Latin American and Eastern Europe/African stocks efforts, the memo stated. The move comes just a few months after Mr. Emery, once Fidelity's hottest money manager, was reassigned to the Portfolio Advisory business as part of a wide-ranging shakeup in June of the managers of Fidelity's 26 stock mutual funds. In his place, Fidelity named Ricki C. Price and Johnie F. Rosser as chief investment strategists for the Portfolio Advisory segment, which provides professional investment management to clients who buy Fidelity mutual funds. Mr. Price heads Fidelity's Asset Allocation Group, which was formed earlier this year, and he manages the Asset Management Funds. Mr. Rosser, who had been assisting Mr. Emery with the management of Portfolio Advisory accounts, also manages Fidelity Personal Trust accounts and Fidelity's Exchange funds.
