Plus, news on Neuberger, ING Group, RiverSource, Thornburg, Nuveen, and more.
Fidelity sector fund manager John Roth will take over management of $3.3 billion Fidelity New Millennium
Since 2004, Roth has managed both the Fidelity Select Consumer Industries
Martin Zinny and Robert Lee have been named co-portfolio managers on Roth's former charges, Fidelity Select Consumer Industries and Fidelity Advisor Consumer Industries. Both joined Fidelity in 2001, as equity research analysts.
Fidelity to Restructure Sector Fund Lineup
Fidelity Investments announced June 15 that it plans to give nearly its entire lineup of Select and Advisor Focus sector funds new benchmark indexes. A few funds also will change names. Fidelity is switching to MSCI, which offers an index to match nearly every sector and industry fund in the lineup.
One positive result of the change is that investors will now be able to more accurately measure the performance of these funds. With 58 distinct sector or industry funds, we certainly think that a greater focus on accurate benchmarking is a positive step. We've been critical of these funds' high manager turnover and narrow focus.
Neuberger Berman International Fund to Close
Neuberger Berman Management Inc. will close Neuberger Berman International