Company Press Release

BOSTON, April 25, 2012 /PRNewswire via COMTEX/ -- Ernst & Young LLP announced today that Stephen D. Fisher, former senior vice president and deputy general counsel of Fidelity Investments, has joined its Asset Management tax practice. Fisher will be based out of Ernst & Young LLP's Boston office and will provide insight and perspective on issues relating to tax, regulation and compliance for the asset management industry.

"Stephen brings extensive experience advising clients to help them retain and grow assets, enhance investment performance, mitigate business and tax risk and respond to regulatory changes," said Michael Serota, Global Hedge Fund co-leader and Global Asset Management tax leader for Ernst & Young. "His joining Ernst & Young LLP demonstrates our continuing investment and growth in the asset management industry practice in the New England region and across the United States. In addition, he brings a broad range of tax, mutual fund and alternative products acumen."

Fisher spent 18 years with Fidelity Investments, where he led the Mutual Fund Tax Legal group. He was actively engaged in industry efforts to ensure the passage of the Regulated Investment Company Modernization Act, which involved considerable time working with congressional staff members and testifying before Congress. Fisher coordinated a coalition of mutual fund complexes to address the impact of certain aspects of Financial Accounting Standards Board guidance as well.

Fisher, a resident of Belmont, Mass., currently teaches Taxation of Financial Products and co-teaches Regulated Investment Companies, Real Estate Investment Trusts and Real Estate Mortgage Conduits at Boston University. He is licensed to practice law in Massachusetts and Pennsylvania, as well as before the U.S. Tax Court, U.S. Court of Federal Claims, the U.S. 1st Circuit Court of Appeals and the U.S. District Court for the District of Massachusetts. He is also the author of a recent Journal of Taxation of Financial Products article, "A Method of Madness: The Secret Unified Theory Underlying the Tax Treatment of Noncontingent Nonperodic Swap Payments."

Fisher earned his LL.M. in Taxation from the Boston University School of Law and received his J.D., cum laude, from Harvard Law School. He has a Bachelor of Arts degree with distinction from Swarthmore College.

About Ernst & YoungErnst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com .

Ernst & Young is a leader in serving the global financial services marketplaceNearly 35,000 Ernst & Young financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, Ernst & Young is the only public accounting

organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Office today includes more than 4,000 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America.

Ernst & Young professionals in our financial services practices worldwide align with key global industry groups, including Ernst & Young's Global Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, Ernst & Young's financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide.

It's how Ernst & Young makes a difference.

This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.

SOURCE Ernst & Young LLP

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