Fidelity announces multi-managered group

Fidelity's VIP Contrafund Portfolio will be managed by a multi-manager group of seven managers.
OCT 25, 2007
Fidelity Investments of Boston announced today that its VIP Contrafund Portfolio will be managed by a multi-manager group of eight managers. Participation in the group is in addition to their current managerial positions with a variety of Fidelity funds. The group will be led by Robert Stansky, the former head of Fidelity’s Magellan Fund. The team succeeds William Danoff who will continue to manage Fidelity Contrafund and Fidelity Advisor New Insights Fund. The VIP portfolios are distributed solely as investment options in variable insurance products through insurance companies. “These individuals will be specialists in one or two market sectors,” said Fidelity spokeswoman Anne Crowley. “They’ll manage the sector sleeves within an individual portfolio.” The individuals will be accountable for the money management in their sector. The sector managers of the fund will be: John Avery, who will manage industrials and materials; Matthew Friedman, energy; Steven Kaye, healthcare; Robert Lee, consumer staples; John Roth, consumer discretionary; Douglas Simmons, telecommunications services and utilities; and Pierre Sorel, financials. Mr. Stansky will set the overall direction of the fund, but each manager will be responsible for their own sector, said Ms. Crowley. Allocations will be sector neutral and will follow the Standard & Poor’s 500 index, she said. These individuals will continue to manage the funds they are already working with. Although multiple managers is not a new concept at the firm, this is the only fund to date with a team this size, said Ms. Crowley. Fidelity Investments has more than 300 funds managed by individual managers.

Latest News

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline