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 |
|
Wednesday, August 19, 2009 Mixed Headlines Leave Fido Watchers Scratching Their Heads Former Fed Chair Alan Greenspan was famous for leaving headline writers all mixed up. His obtuse testimony to Congress would often leave one paper harkening strong growth while another would take doom and gloom away from Greenspan's talks. Whether Fidelity's Rodger Lawson was as obtuse when he invited the reporters to discuss Fidelity's future is something only those journalists know. (The MFWire.com was not invited). Lawson did, though, leave the news outlets with their own mixed headlines. According to Bloomberg, "Fidelity's Investments' Lawson Says He's Searching for a Successor." Meanwhile, The Boston Globe's takeway was "Lawson Staying, Fidelity Employment Stable." The Boston Herald, for its part, stated: "Fidelity president Lawson dispels rumors he’s leaving" and, separately, that "Fidelity 'done' with layoffs." Two other news organizations opted to highlight how Fidelity's business was doing: the Associated Press went with "Fidelity Investments Report Market Share Gains," while Reuters chose to go with "Fidelity's assets, inflows soar - company president." And the Wall Street Journal straddled both subjects with the following headline/sub-head combination: "Fidelity Assets Rise 8 Percent to $2.8 Trillion: Lawson to Stay Longer Than Expected." The MFWire first reported in April that Fidelity was looking for a possible successor to Lawson. Fidelity has consistently denied that Lawson, who joined the firm in 2007, is on his way out. "I will stay with Fidelity as long as it needs me," Lawson told Bloomberg's Sree Vidya Bhaktavatsalam. Bhaktavatsalam also reported that Lawson is "searching for a successor and won't leave until a replacement is found." Lawson told the Globe that, as long as Fidelity chief Ned Johnson "doesn't kick me out, I'm staying ... I will stay with the company in one role or another for as long as the company needs me, even if it's 10 years." Lawson, who returned to Fidelity two years ago, told the Boston Herald's Jay Fitzgerald that he wouldn't rule out departing the company in the near future, but added that it is "unlikely" that he'll leave by the end of the year. He also said he's "not at all" considered Ned Johnson's heir apparent. Lawson likewise used the media interviews to tout Fidelity's strength through the economic crisis. "It feels like in spite of all the stresses and strains that we're coming out of this strong," Lawson told Reuters' Ross Kerber, noting that Fidelity boasted $2.9 trillion in assets under administration on July 31, up from $2.6 trillion on January 1. Printed from: MFWire.com/story.asp?s=22395 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |