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One of


best stock-pickers is leaving three funds, kicking off another round of the firm's favorite game: musical chairs.

Beth Terrana will hand over the reins of

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Fidelity fund,

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Destiny II and

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Advisor Growth & Income to new managers on June 1, according to a company statement issued late Tuesday.

Terrana, who manages some $25 billion for the nation's largest fund shop, will stick around in a vague consulting role to mentor younger analysts and managers while she weighs job opportunities in and outside the fund world. The upshot is that, amid a continuing round of manager

defections, the firm has lost another of its most prized fund managers.

Since joining the firm in 1983, Terrana, 42, has built a solid track record as a large-cap, "growth-at-the-right price" money manager. She has run the firm's eponymous fund since August 1993, Destiny II since April 1998 and Advisor Growth & Income since its January 1997 inception. While these large-cap blend funds have lagged their average peers since Jan. 1, her style of looking for cheap growth stocks while avoiding big sector bets has kept each ahead of its average peers during her tenure, according to



Terrana's three funds will each be farmed out to different managers.

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Nick Thakore will take over Fidelity. He's run the large-cap blend

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Trend since October 1998 and will leave that post on June 1. Over the past year, the fund is ahead of its peers and the

S&P 500

index with a 20.6% return, according to


. Before that, he managed telecommunications and utilities sector funds for two years.

Destiny II will go to Adam Hetnarski, who will keep running the large-cap growth

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Contrafund II, where he's been the skipper for all of two months. Prior to that, he ran

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Export & Multinational for a little over a year, beating both his large-cap growth peers and the S&P 500. He ran tech sector portfolios for two years before that.

John Avery will take over Advisor Growth & Income. He'll still run

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Advisor Balanced and a clone of the fund for annuity investors, which he's managed to middling returns since 1998.

Terrana's exit from the fund manager ranks comes on the heels of several major retirements and defections this year at the $998.5 billion behemoth. On Jan. 12, George Vanderheiden, the firm's highest-profile value manager with $36 billion on his plate,

retired. Since then, he's also been mentoring the firm's young pups. Meanwhile, the firm's most promising tech-oriented growth managers have been hitting the exits to cash in on 1999's outsize returns.

Most notable was thirty-year-old Erin Sullivan's Valentine's Day

announcement that she was leaving her post running

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Aggressive Growth to start her own hedge fund. A week earlier, tech-sector manager Andrew Kaplan had

left; a week later, fellow tech manager Matt Grech jumped ship.

In December, tech specialist Michael Tempero left the firm, and on March 15, tech sector manager Dylan Yolles did the same. Fidelity maintains that the departures haven't shaken the firm, thanks to its deep bench of analysts, but only time will tell if the firm can simply keep churning out solid managers.

Terrana's departure kicked off a series of other changes. Ramin Arani will leave

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Select Health Care and

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Advisor Health Care to replace Thakore on Trend. He's run the health care funds since October 1999.

Yolanda McGettigan will replace Arani on the health care funds and continue running

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Select Biotechnology, where she's held the reins since February.