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Wednesday, June 13, 2012

Fido PMs "All Live in Glass Houses"

News summary by MFWire's editors

For Fidelity's [profile] stock fund PMs, "there is no such thing as tenure," according to equity division president Brian Hogan. Tim McLaughlin of Reuters interviewed Hogan about his efforts to turn around the Boston-based mutual fund giant's stock mutual fund performance since taking over in 2009.

Although Fidelity's stock funds have performed well year-to-date, Hogan is not yet ready to declare victory.

"Turnaround is not the word I would use," Hogan told Reuters. "That would suggest we are done showing improvement."

As a key part of his strategy, Hogan has replaced underperforming PMs, even veteran ones.

"There is no such thing as tenure here," Hogan said. "It's a meritocracy. We all live in glass houses."

The wire service also talked to Magellan Fund PM Jeff Feingold, New Millennium Fund PM John Roth, equities division chief investment officer Bruce Herring, and Morningstar fund analyst Christopher Davis

Edited by: Neil Anderson, Managing Editor


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