After Fidelity, an Ousted Star Becomes a Hedge Fundster
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Tuesday, June 18, 2019

After Fidelity, an Ousted Star Becomes a Hedge Fundster

A former star PM at the Boston Behemoth is back less than two years after being ousted, but he's shifted to another part of the industry.

Gavin Baker
Atreides Management
Chief Investment Officer, Managing Partner
The Wall Street Journal and Citywire report that Gavin Baker recently launched a Boston-based hedge fund shop, Atreides Management (perhaps he's a Dune fan?), with about $300 million in AUM. Baker serves as chief investment officer and managing partner of the startup, and he is known as a tech stock investor.

Baker spent the first 18 years of his career at Fidelity, eventually serving as the PM of the Fidelity OTC Fund. Yet he left (reportedly at the order of none other than Fidelity CEO Abby Johnson) in the fall of 2017 after being accused of sexual harassment. Baker, through a spokesman, denied the allegations at the time and continues to do so.

At first, it appeared that Fidelity would have a connection with Baker's new firm, but no longer. The WSJ reports that Goldman Sachs and Morgan Stanley serve as Atreides' prime brokers and that Fidelity also served in that capacity until dropping Atreides after the paper asked about the connection.

"Given the appearance that Atreides's use of our prime brokerage services could be seen as an endorsement by Fidelity of the hedge fund, we've decided to terminate our relationship," a Fidelity spokesman told the paper the day after the inquiry. "We do not endorse specific hedge funds."

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