MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, February 7, 2006 Bay State Pension Plan May Axe Fido Fidelity's home state of Massachusetts may end Fidelity's stock mandate in its state pension fund. The reason: unhappiness with Fidelity performance and concerns about personnel changes, Bloomberg reported. Fidelity oversees some $360 million in domestic stocks for the state pension fund. The fund’s investment committee is set to recommend the termination of the contract with Fidelity today, the report said, quoting Massachusetts Treasurer Timothy Cahill, who chairs the board that runs the $40 billion pension. Fidelity had the money withdrawn on December 21 after fund manager Steve Kaye took a sabbatical, the report added, citing a Fidelity spokesperson. Kaye, a 12-year Fidelity veteran, has overseen large-company blend accounts, among them the $31.4 billion Fidelity Growth & Income Fund. He is still on leave. The mutual fund posted an average return of 8.8 percent annually in the three years ended October 31, falling behind the Standard & Poor’s 500 Index by 4 percentage points. Fidelity also oversees about $350 million in high-yield bonds for the Massachusetts pension fund. Printed from: MFWire.com/story.asp?s=11230 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |