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Fund Times: Fidelity's Neal Miller to Retire

Plus, news on the SEC, Smith Barney, Zale, and more.

Morningstar Analysts, 04/17/2006

Fidelity announced last week that manager Neal Miller is retiring from the firm. Miller has done an amazing job over the years at Fidelity New Millennium FMILX. No replacement has yet been named.

Miller and his fund were unique to Fidelity in many ways. He does trend-change analysis to identify big shifts in the world economy that ought to lift a bunch of stocks. He was early on the impact of the Internet and rising oil prices.

In addition, Fidelity New Millennium stands out because Fidelity closed it at just $1 billion in assets and because Miller was a rare case in which Fidelity hired a manager from outside the firm.

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The SEC was given 90 days to collect comments on the costs of implementing the rules.

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