Wall Street Journal
notes that Fidelity
has started replacing
portfolio managers whose funds fared badly last year. Two managers became analysts, another left the firm and Fidelity is looking for other
opportunities with the company for two other managers, the Journal reports.
The changes, say Fidelity watchers, are not typical for the Boston fund giant, which had been slow to switch portfolio managers in
"One of our criticisms in the past was that they were too slow to make portfolio-manager changes, but Fidelity does seem to have stepped up the pace of that," said John Bonnanzio
editor of Fidelity Insight
, an independent newsletter.
analyst Christopher Davis
said that now, "the message is being sent loud
and clear that if you have a cruddy year, you're out."
Fidelity funds that have seen portfolio manager changes recently include Mid Cap
, Equity-Income II
, Advisor Growth Opportunities
, Latin America
, Select Financial
and Select Home Finance
Fidelity spokeswoman Anne Crowley would not say whether the changes were performance-related, but told the Journal that each "was a unique situation with unique circumstances."
Stay ahead of the news ... Sign up for our email alerts now