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May 11, 2005 at 08:00 PM
May 4, 2005 — Fidelity Investments said money manager Karen Firestone has stepped down after 22 years with the company.
A Fidelity spokesman said Firestone, who had managed Fidelity Large Cap Stock (FLCSX), Fidelity Advisor Large Cap/A (FALAX), and Fidelity Destiny Plan I/O (FDESX), left to “pursue an entrepreneurial opportunity” that will involve serving wealthy clients.
Firestone was replaced this week on the Large Cap Stock Fund by fund manager Matthew Fruhan. Portfolio manager Timothy Cohen succeeded her on the Advisor Large Cap and Destiny Plan funds.
Charles W. Hebard will succeed Fruhan as portfolio manager of Fidelity Select Financial Services (FIDSX) and Fidelity Advisor Financial Services/A (FAFDX).
Cohen also runs Fidelity Export and Multinational (FEXPX), which he has piloted since February 2002.
