Plus, a new PIMCO fund, Vanguard hires new subadvisors, and more.
Stephen Jonas will retire as executive director of Fidelity Management and Research at the end of January. Jonas served in the role for nearly two years as part of his 20-year career at FMR. As executive director, he was responsible for restructuring FMR's investment management operation. In Jonas' place, Walter Donovan becomes president of FMR's Equity Division, Boyce Greer becomes president of FMR's Fixed-Income Division, and Dwight Churchill becomes president of Investment Services. All three are Fidelity veterans.
The large shop also announced a number of manager changes to its funds. Steven Buller replaced Matthew Lentz as manager of Fidelity International Real Estate
Among FMR's Select funds lineup, Charlie Chai became portfolio manager of Fidelity Select Technology
Shareholders of Select funds should be aware that FMR has historically made frequent changes to the managers of this lineup, despite the management and strategy instability that sometimes results. Those who succeed in their roles at these niche offerings, however, sometimes advance to become managers of the firm's more widely diversified offerings.
Vanguard Shuffles a Few Subadvisors at Two Large-Cap Funds
Vanguard Windsor II
The company's second lineup shuffle was its replacement of two subadvisors--Equinox Capital and Tukman Capital--on Windsor II. Newcomer Lazard Asset Management replaces them and will manage most of the assets Equinox and Tukman ran. Andrew Lacey and Christopher Blake lead the Lazard team. While Lacey and Blake's tenure at Lazard U.S. Equity Value
PIMCO Plans Another Diversified Bond Fund
PIMCO recently announced its newest offering, PIMCO Income Fund. The fund isn't available yet, nor has PIMCO named its manager. When that person takes charge here, however, he or she will have a high level of flexibility. The new offering will invest in junk- and investment-grade corporate bonds, government-issued securities, currencies, and mortgage-backed issues from across the globe, including emerging markets.
Longtime Manager of Heritage Fund Steps Down
Jim Awad is stepping down from duties at Heritage Small Cap Stock