In Brief: Fidelity Hires Schwab Exec for Supermarket

Fidelity Investments said it has named a former Charles Schwab & Co. executive to head its FundsNetwork retail program. Matthew L. Sadler, 35, will join Fidelity in Boston on Nov. 1.

Mr. Sadler will be responsible for handling relationships with the fund families that Fidelity makes available through its fund supermarket and will handle marketing for them, a spokeswoman said.

His job is a new one and was previously handled by several individuals, she said, adding that it was unclear whether there would be any other personnel changes at FundsNetwork. "It's probably going to be his decision to do that, if he thinks it's necessary," she said. FundNetworks offers 3,300 funds from 300 families.

Mr. Sadler had been with San Francisco-based Schwab since 1983 and most recently was a vice president in its mutual fund marketplace division.

Schwab has its own mutual fund supermarket named OneSource.

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