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Fund Manager Leaves Fidelity

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Jan. 14, 2004 — Fidelity Investments said Christian Zann, who had managed its Select Consumer Industries Fund (FSCPX), has left the company to “pursue another business opportunity.”

On Monday, portfolio manager Joshua Spencer replaced Zann on the $37 million fund, which Zann had run for about a year. Spencer continues to oversee the Select Leisure Fund (FDLSX).

Spencer, who has also managed other Fidelity Select funds that focus on various industries and sectors, also was named consumer sector leader of Fidelity’s equity research department. Spencer joined the company as an analyst in 2000.

Zann is the latest fund manager to leave Fidelity. The company announced last week that L.C. Kvaal, the co-manager of Fidelity International Small Cap (FISMX), had resigned.