Fidelity announces multi-managered group

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.