Fidelity appointed Lawrence Rakers to run the Fidelity Dividend Growth Fund and Fidelity Advisor Dividend Growth Fund. Rakers succeeded Charles Mangum, who continues to manage the VIP Balanced Portfolio.
Rakers, a 15-year Fidelity alum, managed the Fidelity Balanced Fund since 2002 and Fidelity Advisor Balanced Fund since 2005. The Robert Lansky-led Multi-Manager Group took over management of the equity portions of the balanced fund and advisor balanced fund.
The change took effect September 9.
Below is the announcement posted on Fidelity's Web site:
Effective September 9, 2008:
Lawrence D. Rakers has been named portfolio manager of Fidelity Dividend Growth Fund and Fidelity Advisor Dividend Growth Fund, succeeding Charles Mangum. Rakers will continue to manage VIP Balanced Portfolio, which he has managed since 2005. Rakers has managed Fidelity Balanced Fund since 2002 and Fidelity Advisor Balanced Fund since 2005. He joined Fidelity as an equity research analyst in 1993, and followed the restaurant, precious metals, and coal industries. Rakers managed Fidelity Select Gold Portfolio from 1995 to 1997, and Fidelity Select Precious Metals and Minerals Portfolio and Fidelity Select Paper and Forest Products Portfolio from 1996 to 1997. He managed Fidelity Select Energy Portfolio, Fidelity Select Natural Resources Portfolio, and Fidelity Advisor Natural Resources Fund, and served as sector leader of Fidelity's natural resources equity research group, from 1997 to 1999. Rakers also managed Fidelity Select Computers Portfolio, Fidelity Advisor Technology Fund, and Fidelity Select Technology Portfolio from 2000 to 2001. From 2001 to 2002, he managed Fidelity Convertible Securities Fund. Prior to joining Fidelity, Rakers was a project engineer for Loral Corporation in Lexington, Massachusetts, from 1986 to 1993.
The Multi–Manager Group (MMG) led by Robert Stansky and including John Avery (Industrials and Materials), Matthew Friedman (Energy), Adam Hetnarski (Technology), Steven Kaye (Health Care), Robert Lee (Consumer Staples), John Roth (Consumer Discretionary), Douglas Simmons (Telecommunications Services and Utilities, and Pierre Sorel (Financials), has been named portfolio manager of the equity portions of Fidelity Balanced Fund and Fidelity Advisor Balanced Fund, succeeding Rakers. Portfolio managers in the MMG will manage individual sector or sectors of the equity portions of both funds. The MMG will also assume Rakers' role as lead manager of the funds. Bob Stansky, as head of the Multi–Manager Group, will oversee overall asset allocation in the funds among stocks, bonds, and cash, and also will manage allocations among the different equity sectors. Participation by the portfolio managers in the group is in addition to their other managerial responsibilities.