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Veteran Money Manager Leaves Fidelity

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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.

Fidelity also announced that it named analysts Brent Bottamini and Adam Kutas co-managers of Fidelity Advisor Latin America/A (FLTAX) and Fidelity Latin America (FLATX), effective April 28. They replaced Claudio Brocado, who recently joined Schroders. Bottamini and Kutas were both members of Fidelity’s Latin America research team.

All the portfolio manager changes were disclosed on Fidelity’s Web site.

Contact Bob Keane with questions or comments at: .

Contact Bob Keane with questions or comments at: .


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