Fidelity Names Managers of Wireless, Networking Funds - TheStreet

Fidelity Names Managers of Wireless, Networking Funds

The new sector funds will launch later this month.
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Fidelity

plans to put a couple of young bucks in charge of its new sector funds focusing on wireless and networking stocks.

Jed Weiss and Shep Perkins will hold the reins of

Fidelity Select Networking and Infrastructure

and

Fidelity Select Wireless

, respectively, according to a Thursday regulatory filing. The two funds, the closest the Boston fund behemoth has come to Internet funds after openly criticizing them, will launch in the last week of September, according to Fidelity spokeswoman Jessica Catino.

TheStreet.com

previewed the funds July 5.

Both have worked as analysts and portfolio managers at Fidelity for just three years, according to the filing. No previous fund management experience is detailed in the paperwork, and neither currently runs a Fidelity fund. Perkins ran the

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Fidelity Select Medical Delivery fund, which typically invests in HMOs, hospitals and nursing homes, from August 1999 through February. Mainly due to the weakness of the sector, it has

struggled over the last 10 years.

It's not uncommon for analysts to cut their teeth as portfolio managers of Select funds, which Fidelity uses as a training ground. This pair might not be in place for long either, since Select managers frequently shuffle between funds focused on disparate sectors every year or two.