There's a new skipper at the helm of Fidelity's $3.1 billion Small Cap Stock Fund. The Boston Behemoth tapped Lionel Harris to take over from Andrew Sassine as the fund's PM, Bloomberg News reports.

The wire service notes that the fund trailed 98 percent of rivals this year. Over the past five years, the fund beat 53 percent of its peers.

Sassine has gone on a six-month leave of absence and will look at other opportunities within the firm when he comes back, Fidelity spokeswoman Sophie Launay told Bloomberg.

Prior to getting assigned to run the Small Cap Stock Fund, Harris managed the $1.7 billion Fidelity Small Cap Growth Fund. Patrick Venanzi will replace him as PM of that fund. 

Edited by: HFD


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