Fidelity Investments’ head of institutional business, Jason Ciccolallo, will start at a new funds manager next month, remaining in Melbourne.

Ciccolallo will be the first Melbourne presence for Orbis Investment Advisory, which a fellow Fidelity departee, Jenny Josling, joined as managing director – Australia in 2006. Ciccolallo joined Fidelity in May 2005 from Merrill Lynch, where he was vice president – institutional sales. Fidelity was unavailable for comment at presstime as to how Ciccolallo would be replaced. Orbis has $2.3 billion under management in Australia, sourced from global equities, absolute return products and Australian equities, for which InTech’s multimanager funds have been a notable supporter. Fidelity Investments reported $2.7 billion of Australian-sourced FUM sat the end of 2007.

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