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Sunday, March 22, 2009

Fidelity Names its New Top Bond Man

by: Armie Margaret Lee

Fidelity hired Chris Sullivan, most recently co-head of U.S. fixed income at Goldman Sachs Asset Management, to lead its bond group. Sullivan succeeds Dwight Churchill and reports to Michael Wilens, head of asset management at the Boston Behemoth.

Churchill retired from Fidelity in late January after spending 15 years with the company, said company spokesman Alexi Maravel.

As president of the bond group, Sullivan is in charge of a team that counts more than $170 billion of assets for retail and institutional customers as of end-February.

Prior to joining Fidelity, Sullivan spent eight years at GSAM and earlier worked at bond giant Pimco in its account management group.

Sullivan started his investment management career at Dimensional Fund Advisors. He also held a stint at Hawaiian Trust Company.

At GSAM, Michael Swell replaces Sullivan as co-head of U.S. fixed income alongside James Clark, according to a GSAM spokesperson. Swell will continue with his duties as senior portfolio manager.
Company Press Release

BOSTON, March 20, 2009 - Fidelity Investments announced today that it has appointed Christopher Sullivan, former co-head of U.S. Fixed Income at Goldman Sachs Asset Management (GSAM), as president of its Bond Group.

"Chris brings to Fidelity a strong background of hands-on fixed-income investment management experience coupled with proven business-building success," said Michael E. Wilens, head of Asset Management. "The fixed-income markets have grown ever more complex in recent years, and our bond business has grown substantially. We're fortunate to have a senior executive of Chris's caliber on board to lead our investment management efforts in this critical area."

Sullivan will join Fidelity with nearly 25 years of experience in the investment business, much of it in the fixed-income markets. As Managing Director and co-head of US Fixed Income at GSAM, Sullivan played a major role in overseeing portfolios, risk management, and portfolio managers focused on the approximately $150 billion in U.S. assets under management.

As president of the Bond Group at Fidelity, reporting to Wilens, Sullivan will oversee more than $170 billion in assets for retail and institutional clients as of February 28, 2009.

Prior to joining GSAM in 2001, Sullivan spent four years at Pacific Investment Management Company (PIMCO), where he was a senior member of their Account Management group. He began his investment management career at Dimensional Fund Advisors in Santa Monica, California, where for five years he spent the majority of his efforts managing fixed income mutual funds. He also managed equity portfolios and mutual funds at Hawaiian Trust Company in Honolulu, Hawaii.

"We think that Chris will help Fidelity address the changing needs of our investors in the coming decade, particularly those who may be focusing more on the non-equity portions of their asset allocations as well as our investors whose renewed attention on savings may find their way into bond portfolios," said Wilens. "Fidelity is committed to making sure that we are serving our investors to the highest degree of excellence in this new environment and we know Chris will help Fidelity achieve that."

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.4 trillion, including managed assets of nearly $1.2 trillion as of February 28, 2009. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to 24 million individuals and institutions as well as through 5,500 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

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