New managers will run several Fidelity mutual funds that invest in foreign stocks, either permanently or on an interim basis, starting in January, in connection with a leave of absence to be taken by portfolio manager Richard Mace.
A team lead by Michael Jenkins, who heads Fidelity’s global research team, will temporarily replace Mace on the Fidelity Aggressive International Fund (FIVFX) and the Fidelity Advisor International Capital Appreciation Fund (FCPAX).
The management team includes William Bower, Penelope Dobkin and William Kennedy, who oversee other Fidelity funds that invest overseas.
Derek Young, who helps manage four other Fidelity funds, will take over the Fidelity Global Balanced Fund (FGBLX) during Mace’s absence. He will be assisted on Global Balanced by portfolio managers Ronald Slattery, Leon Tucker, and Darren Maupin, who will be responsible for foreign stocks; Jeffrey Feingold, who continues to handle domestic stock investments; and Andy Weir, who will manage fixed-income investments.
Feingold was named to succeed Mace permanently as lead manager of the Fidelity Worldwide Fund (FWWFX).
In addition, Ian Hart was named to permanently succeed Mace on the Fidelity Overseas FundFidelity Europe Capital Appreciation Fund (FECAX) and the Fidelity Advisor Europe Capital Appreciation Fund (FAEAX).
Fidelity expects Mace to return in about six months, a company spokesman said. Mace, who has been with the company for more than 10 years and helped build its international investment team, is taking the leave of absence to “reflect upon and consider his future career interests at Fidelity,” the spokesman said.
In a separate move, the company also said that a team lead by Jenkins began running the Fidelity Advisor Global Equity Fund (FGEAX) on Wednesday. Richard Habermann, who had overseen the fund, continues to manage other Fidelity funds.
The management changes were disclosed on Fidelity’s Web site.
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