NU Online News Service, March 16, 2005, 4:40 p.m. EST
Fidelity Investments plans to separate its institutional fund managers from its retail mutual fund managers.[@@]
Fidelity says the new, institutional investment operation may continue to share some resources with the retail business through service arrangements, but the managers of the institutional money will be separate from the mutual fund managers, Fidelity says.
The new institutional company will serve retirement plans, foundations, pension funds, and separate accounts asset management, Fidelity says.
Fidelity Chairman Edward Johnson 3d says Fidelity is making the change to improve service and to increase Fidelity’s investment capacity and flexibility.