Fidelity’s Lawson to Retire as Fund Firm President After Three-Year Tenure Fidelity Investments’ Rodger Lawson, the second-highest ranking executive at the biggest mutual-fund manager, will retire at the end of March, leaving the leadership in the hands of Chairman Edward C. “Ned” Johnson III.

Axa Asia Pacific Full-Year Profit of $615 Million Beats Analysts’ Estimate Axa Asia-Pacific Holdings Ltd., the wealth manager that is the subject of a takeover offer from National Australia Bank Ltd., said profit in 2009 beat analysts’ estimates as earnings picked up in the second half.

Hedge Funds Hold $77 Billion Client Money Hostage After Decade’s Best Year Hedge funds’ best year in a decade is giving little comfort to Jason D. Papastavrou.

Ex-Morgan Stanley Trader Feldschuh Will Start Hedge Fund With Japan Focus Michael Feldschuh, a former trader at Morgan Stanley’s hedge-fund firm FrontPoint Partners LLC, plans to start a fund focusing on Japanese stocks, according to marketing documents.

BNY Mellon, State Street Beat Estimates on Recovery in Stock, Bond Markets Bank of New York Mellon Corp. and State Street Corp., the two largest independent custody banks, reported fourth-quarter earnings that beat analysts’ estimates, helped by recoveries in stock and bond markets.

Pimco Boosts Holdings of Developed Bonds Outside U.S. to Most Since 2004 Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., increased holdings of non-dollar developed-market debt last month to the most since October 2004.

Intrawest Lenders Plan Auction of Resorts After Missed LBO Loan Payment Creditors of Intrawest ULC, a ski- resort operator owned by Fortress Investment Group LLC, plan to auction off equity in a unit that controls properties including a venue for next month’s Olympics, according to a public notice.

Funds of Hedge Funds Trail Broader Market, Close as Madoff Still Stings Funds of hedge funds trailed the recovery in the broader market last year and still bear the scars of investments in Bernard Madoff’s $65 billion Ponzi scheme, according to data from Hedge Fund Research Inc.

Buffett Says Berkshire Undervalued While Using Shares on Burlington Deal Warren Buffett, who usually refuses to give his opinion on the value of Berkshire Hathaway Inc. shares, said today the stock is undervalued and that he would have preferred to pay in cash for his largest takeover. The stock jumped the most in five months.

GE Asset May Return to Property Stocks as Selloff Makes Them `Attractive’ GE Asset Management’s Zhou Ping may return to China’s property stocks after selling them last year, saying the shares have become cheap and the government will support the industry because of its importance to the economy.

NYU Drops Lawsuit Against Merkin’s Ariel Fund Over Madoff-Related Losses New York University, the largest private university in the U.S. by enrollment, dropped its lawsuit against Ezra Merkin’s Ariel Fund Ltd. over money invested with Bernard Madoff.