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Wednesday, June 14, 2006

Fidelity Funds Thrive Under Jonas

by: Marie Glancy

According to Morningstar data cited Wednesday in the Boston Globe, Fidelity chief Ned Johnson will be congratulating himself for putting company veteran Stephen Jonas at the head of Fidelity Management and Research Co. in May of last year.

The unit, which runs Fidelity's fund business, has prospered in the intervening period, with its funds as a whole besting 62 percent of peers over the 12 months ended this May 31, compared to 50 percent of peers in the 12 months previous.

Johnson's daughter, Abigail Johnson, had been in charge of the firm's funds side, and was moved to the employer services unit when Jonas took over. A company spokesperson told the Globe that a favorable market environment had contributed to the fund unit's improved returns over the year, but Jonas has also been an active leader, appointing new managers and reorganizing the division's research team, as well as closing several funds. 

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