Boston-based Fidelity Investments has named long-time staffer Jacques Perold as new head of its $1.4 trillion asset management division, according to media reports.

Mr Perold, chief operating officer of the asset management division since May, succeeds Michael Wilens, who moved to the firm's retirement division, a spokeswoman said.

Mr Perold and Mr Wilens are both members of Fidelity's executive committee.