Asset Managers
Fidelity, Other Firms Shuffle Managers
Richard Widows
05/14/08 - 09:53 AM EDT
Mutual fund giant Fidelity Management & Research took steps in April to bolster funds with combined net assets of more than $20 billion. Some other fund companies followed suit.
Joanna Bewick joined existing manager Derek Young to become a co-manager of six Fidelity funds that oversee $18.9 billion in net investor assets. Counting multiple investor and institutional classes, the funds -- listed in the accompanying table -- contain 18 individual classes of shares.
Young has been a manager of the funds since Sept. 4.
Also at Fidelity, William W. Irving replaces Brett S. Kozlowski at the Fidelity Institutional Short-Intermediate Government Fund(FFXSX - Cramer's Take - Stockpickr) and the Fidelity Intermediate Government Fund(FSTGX - Cramer's Take - Stockpickr). The combined net assets of the two funds total $1.4 billion.
FFXSX rewarded its holders with a total return of 7.4% for the 12 months ended April 30, 2008, while FSTGX has returned 8.6% during the same period. Those returns helped each of the funds earn the highest possible grade of A+ from TheStreet.com Ratings.
Kozlowski had been managing FFXSX and FSTGX since Oct. 2, 2006.
At Legg Mason, Derek J. Deutsch joined Brian M. Angerame as a co-manager of the Legg Mason Partners Capital Fund(SCCAX - Cramer's Take - Stockpickr). The five separate classes of the fund combine for $854.3 million in net assets.
SCCAX's negative return over the past 12 months was a factor in the fund receiving an E+ grade from TheStreet.com Ratings, a mark which equates with a sell recommendation.
Peter J. Flood replaced Colin A. Robertson as manager of the $57.1 million Northern Institutional Balanced Fund(BBALX - Cramer's Take - Stockpickr). The fund, with a return of -3.9% over the latest 12 months and a grade of D+ from TheStreet.com Ratings, requires a minimum initial investment of $5 million.
At the Waddell & Reed Advisors High Income Fund(UNHIX - Cramer's Take - Stockpickr), William M. Nelson joined Louise D. Rieke as co-manager. The five classes of the fund combine to total $973.1 million in net assets.
Rieke has been a manager of UNHIX since Jan. 1, 1990.
| RECENT MUTUAL FUND MANAGER CHANGES | ||||||
| NAME, TICKER & TheStreet.com RATINGS GRADE | TOTAL NET ASSETS ($MIL) * | NEW MANAGER | START DATE | EXISTING OR FORMER MANAGER | 12-MO. TOTAL RET'N (%) | |
| Fidelity Adv Strat Div & Inc A (FASDX) C- | 449.0 | Joanna Bewick | 4/1/2008 | Derek Young | -5.2 | |
| Fidelity Adv Strat Real Return A (FSRAX) U | 593.3 | Joanna Bewick | 4/1/2008 | Derek Young | 4.6 | |
| Fidelity Adv Strategic Income A (FSTAX) B | 6,349.2 | Joanna Bewick | 4/1/2008 | Derek Young | 4.2 | |
| Fidelity Inst Short-Interm Govt I (FFXSX) A+ | 436.4 | William W. Irving | 4/1/2008 | Brett S. Kozlowski ** | 7.4 | |
| Fidelity Intermediate Government (FSTGX) A+ | 946.9 | William W. Irving | 4/1/2008 | Brett S. Kozlowski ** | 8.6 | |
| Fidelity Strategic Div & Inc (FSDIX) C+ | 878.7 | Joanna Bewick | 4/1/2008 | Derek Young | -4.8 | |
| Fidelity Strategic Income Fund (FSICX) A | 5,299.2 | Joanna Bewick | 4/1/2008 | Derek Young | 4.2 | |
| Fidelity Strategic Real Return Fund (FSRRX) U | 5,316.8 | Joanna Bewick | 4/1/2008 | Derek Young | 4.8 | |
| Legg Mason Prt Capital Fund A (SCCAX) E+ | 854.3 | Derek J. Deutsch, CFA | 4/28/2008 | Brian M. Angerame | -4.5 | |
| Northern Instl Balanced A (BBALX) D+ | 61.9 | Peter J. Flood | 4/1/2008 | Colin A. Robertson ** | -3.9 | |
| Waddell & Reed Adv High Income A (UNHIX) U | 973.1 | William M. Nelson | 4/1/2008 | Louise D. Rieke | -0.2 | |
| * Total net assets of all classes of the fund. ** Replace by the new manager. Source: TheStreet.com Ratings For an explanation of our ratings, click here. | ||||||