Charles Morrison is shifting the strategic course for Fidelity Investments' [profile] fixed-income group. Morrison, who is president of the group, will expand the bond team, reports Investment News.

Morrison's intent is to provide the needs of the baby boomer generation.

To prepare for this shift, Morrison will hire several strategists and three new managers for their global-focused fixed-income portfolio, one will be London-based, and two will be in the US.

The hirings come after a record first quarter net flows of $6.9 billion that went into the taxable bond funds. That compares to $2.4 billion of net flows during the first quarter of 2011, based on data from Lipper.

To meet the demand, Fidelity is prepping a number of new funds, according to the report. New products could cover global and international bond funds, multi-asset income funds, and even eventually alternatives funds.

Morrison did comment on alternatives funds:

"It's an area of focus. We'd have to make sure we get our alts offering in the right place for us." 

Edited by: HFD


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