Former Boston Company chief executive and CIO Bart Grenier has resurfaced at Fidelity.
It is the third time Grenier has joined Fidelity, having worked at the asset manager from 1991 to 1997 and again from 1997 until 2005.
He has been hired as head of the firm’s investment solutions and innovation group.
The group’s previous head Judy Marlinski was appointed president of Fidelity Institutional Asset Management in May, replacing Scott Couto who left the firm.
Grenier exited The Boston Company Asset Management in June after six years, a move that saw chief operations officer Adam Joffe take over on an interim basis as the firm searched for a chief executive.
Grenier has a long history at Fidelity, where he worked from 1991 to 2005, ending up as a vice president who oversaw the firm’s equity trading desk.
According to The Wall Street Journal, he originally left Fidelity for a four-month period in 1997 for DDJ Capital Management, where he worked with a number of former Fidelity portfolio managers, before returning to Fidelity in August of that year to head up its high income division.
He then left the firm for a more prolonged period in 2005 when he joined DB Advisors, a division of Deutsche Asset Management, as chief investment officer and managing director.
During his spell at Deutsche, in 2008, the Securities and Exchange Commission (SEC) charged Fidelity and 13 then current and former employees for improperly accepting $1.6 million in travel, entertainment, and other gifts paid for by outside brokers looking to win trading business from the asset manager.
Grenier was one of the former employees named in the SEC allegations, alongside legendary portfolio manager Peter Lynch, among others.
Both men settled the SEC charges without admitting or denying the allegations.
In 2011 he left Deutsche for The Boston Company, where he was chairman, chief executive and CIO, until his departure earlier this year.
Monty moves the other way
Separately, former Fidelity portfolio manager Monty Kori has moved in the other direction, joining The Boston Company as a director and senior research analyst.
Kori left Fidelity in November 2016. He was a manager on the $31.5 billion Fidelity Balanced fund, the $2.4 billion Fidelity Stock Selector Mid Cap fund and the $6.1 billion Fidelity Series All-Sector Equity fund.
The Boston Company is a BNY Mellon equity boutique with $41.3 billion in assets under management.