Paul J. Hondros, Fidelity Investments' point man for the financial advisers market, was named head of the mutual fund giant's coveted retail business, Fidelity announced Monday.
As president of Fidelity Investments Retail Group, Mr. Hondros, 48, will be responsible for all marketing, sales, distribution, service, and processing of the company's no-load funds. He succeeds Mark A. Peterson, 55, who was named president of a new commercial technology company, Fidelity Technologies.
Mr. Hondros spent six years as head of Fidelity Investments Institutional Services Co., where he oversaw a hefty growth in assets under management. Assets garnered through financial intermediaries, including banks, jumped ninefold in the past three years, Fidelity said.
Succeeding Mr. Hondros is J. Gary Burkhead, 55. Mr. Burkhead retains his role as president of Fidelity's investment management arm, Fidelity Management and Research Co.
In conjunction with Mr. Burkhead's appointment, Fidelity named Michael Kellogg, an executive vice president for marketing, head of its bank services group, a spokesman said. Mr. Kellogg will report to Mr. Burkhead.
Fidelity Investments Institutional Services Co. represents about one- fourth of Fidelity's $440.3 billion of assets under management.
Fidelity's new technology unit will develop, acquire, and market systems products and software for the financial services industry.