Fido Replaces Fund Manager After Poor Stock Picks
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Wednesday, June 12, 2013

Fido Replaces Fund Manager After Poor Stock Picks

Benjamin Hesse was replaced as a Fidelity [profile] fund manager after the fund performed inconsistently, Reuters reported.

Hesse managed a $717 million with a 53 percent return. Fidelity wants more consistent performances from fund managers after customers pulled $24.4 billion from its actively managed stock funds.

Hesse is pursuing other positions at the firm, possibly another position within the stock division. Hesse mentioned weak stock picking as a reason for the fund's performance in shareholder updates, citing VeriFone Systsems and Cetip SA Mercados Organizados. Chris Lee, a Yale-educated Fidelity fund manager, replaced Hesse.

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