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Fidelity Aims Funds At Annuity Issuers

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A giant money manager has developed 4 new funds of funds designed for insurance companies’ retirement plan programs.

Fidelity Investments, Boston, says the new Variable Insurance Product FundsManager series funds will invest 20% to 85% of assets in stocks

The portfolio manager will be Scott Kuldell. Kuldell is the senior portfolio strategist at Fidelity Investments’ Strategic Advisers’ subsidiary. He directs investments for Fidelity’s mutual fund wrap program for 401(k) and 401(b) plans.

Fidelity will start by including the funds in variable life and variable annuity products sold by its own Fidelity Investments Life Insurance Company subsidiary, but the company also will be marketing the funds through outside insurance companies.