Fidelity Investments is believed to have reviewed the business structure of its Australian operation.
As a result, it is understood the company has parted ways with its head of adviser distribution, Andrew Keay.
InvestorDaily understands Keay's position will not be replaced.
A Fidelity spokesperson declined to comment on Keay's status with the group or the company's alleged realignment plans.
Fidelity's rumoured move comes less than a week after a number of Australia's largest managers issued concerned commentary alongside their respective annual results.
As reported in InvestorDaily, Perpetual managing director and chief executive Chris Ryan said the year ending 30 June 2011 has been an extremely tough market.
In line with this, he said there is no immediate plan to end Perpetual's company review.
"The process is by no means complete but we are making good progress. What we're looking to do is actively manage our portfolio in the best way so, in a sense, a review is never over," Ryan said.
Last week, the chief executive of ANZ revealed the company's disappointment with the progress of its wealth division in 2011.
"I'm a little bit disappointed with the progress we have made on the wealth business. I feel we haven't really gone as fast as we should have in that area," Mike Smith told a media briefing.
The ANZ wealth arm's net profit after tax (NPAT) fell 16 per cent over the year to 30 September to $345 million and 15 per cent over the six months to 30 September, driven by revenue impacts from volatile market conditions, ANZ said in its 2011 full-year report.
In late October, banking group MLC & NAB Wealth attributed volatile markets as the cause of its fall in full-year cash earnings before IoRE (investment earnings on shareholders' retained profit) of 8 per cent to $324 million over the year to 30 September.
"The subdued financial results for wealth are largely a result of volatile investment markets and an increase in insurance claims," an MLC spokesperson said at the time.
