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Fidelity Shuffles Bond Fund Managers

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Oct. 27, 2004 — Fidelity Investments named new managers to oversee a number of its bond mutual funds because of the retirement of one portfolio manager, and the promotion of another.

Fidelity said Thomas Silvia will be elevated to lead its bond group, starting Monday. He will succeed Charles Morrison, who is taking over as head of the company’s money-market funds. Morrison replaces David Murphy, who will oversee Fidelity’s fixed-income products.

The company said Kevin Grant is retiring to spend more time with his family. Grant, who has been with Fidelity for 11 years, was managing a total of $23 billion in assets in retail and institutional portfolios as of Sept. 30, Fidelity said.

William Irving, a fixed-income analyst, will replace Silvia as manager of Fidelity Ginnie Mae Fund (FGMNX ), Fidelity Inflation-Protected Bond Fund (FINPX), and Fidelity Advisor Inflation-Protect Bond/A (FIPAX).

Irving and bond fund manager George Fischer will succeed Silvia on Fidelity Advisor Government Investment/A (FDGAX).

Bond fund managers Jeffrey Moore and Ford O’Neil will replace Grant, starting in December.

Moore will take over Fidelity Investment Grade Bond (FBNDX), Fidelity Spartan Investment Grade Bond (FSIBX) and Fidelity Advisor Investment Grade Bond/A (FGBAX).

O’Neil will begin piloting Fidelity Total Bond (FTBFX), Fidelity Advisor Total Bond Fund (FEPAX), and Fidelity Advisor Intermediate Bond/A (FDIAX).

Contact Bob Keane with questions or comments at [email protected].