Fido’s distribution boss set to depart

Fidelity Investments, the world's second-biggest mutual-fund manager, said Peter Cieszko plans to leave as head of its distribution unit next month after about two years at the company.

Fidelity Investments, the world’s second-biggest mutual-fund manager, said Peter Cieszko plans to leave as head of its distribution unit next month after about two years at the company.

Scott Couto, an executive vice president who worked under Cieszko, has been named interim head of the unit while the firm searches for a permanent successor, Vin Loporchio, a spokesman for Boston-based Fidelity, said today in a telephone interview. Cieszko is president of Fidelity Investments Institutional Services, which sells the firm’s funds through brokers and advisers.

Loporchio said Cieszko plans to “pursue other opportunities,” declining to comment further. Cieszko’s planned departure was reported earlier today by Pensions & Investments.

Cieszko joined Fidelity in January 2009 from Evergreen Investments after the money manager’s parent company, Wachovia Corp., said it would be acquired by Wells Fargo & Co. He was slated to become chief executive officer of Evergreen Investments when he left.

Fidelity manages about $1.3 trillion in mutual funds. Vanguard Group Inc. of Valley Forge, Pennsylvania, is the largest fund company, with about $1.4 trillion assets, according to data compiled by Bloomberg.

–Bloomberg News—