, which shuffled its foreign fund managers when a veteran
bolted three weeks ago, is at it again.
Back on April 12, the Boston fund firm handed the
Fidelity Diversified International fund over to William Bower when veteran stock-picker Gregory Fraser bolted to start his own firm with fellow Fido emigre Timothy Krochuk. On Tuesday the firm announced that fund manager Patricia Satterthwaite will take a leave of absence on May 30 to spend time with her family, triggering new hands on the two foreign stock funds she manages.
John Carlson will take over the $272 million-in-assets
Fidelity Emerging Markets fund, in addition to similar funds offered to Canadian investors. Satterthwaite had run the fund for only about a year. Over the past 12 months it's down 26.3%, matching its average peer. Fixed-income specialist Carlson will take the reins and continue running the $293 million
Fidelity New Markets Income fund, the
Fidelity Advisor Emerging Markets Income
fund and the
Fidelity International Bond
fund. He joined the firm in 1995 and will lead its emerging markets research group.
Margaret Reynolds will replace Satterthwaite at the helm of the $256 million
Fidelity Latin America fund, in addition to its broker-sold and Canadian siblings. Satterthwaite had run the fund since its 1993 inception with mediocre results. Its 2.6% annualized return over the past five years trails 66% of its peers, according to