Fidelity Investments will reassign Robert Bertelson, the head of its Aggressive Growth fund, which reportedly has lost some four-fifths of its value since he took over in early 2000. The Boston fund giant said Rajiv Kaul will replace Bertelson at the aggressive stock fund, effective Friday, confirming a report published by the Boston Globe.

Moreover, Kaul will remain at the helm of Fidelity Advisor Aggressive Growth Fund and Fidelity VIP Aggressive Growth Portfolio, which he has managed since June 2001, according to the firm.

Bertelson will head the equities portion of Fidelity's Asset Management Income fund, which invests mainly in bonds. According to the firm, the Aggressive Growth fund had about $21.9 billion in assets when Bertelson began managing it in February 2000, and at the end of last month, its assets were valued at $3.9 billion. The Globe reported that for three straight years, Bertelson delivered losses that were double those of comparable funds. 

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