] 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
Neil Anderson, Managing Editor
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