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Fund Times

Fund Times: Manager Change at Fidelity New Millennium

Plus, news on Neuberger Berman fund closure, continued ING scandal, and more.

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According to a June 14 Fidelity Investments press release, Fidelity sector fund manager John Roth will take over management of $3.3 billion  Fidelity New Millennium (FMILX), succeeding Neal Miller, who has run the offering since late 1992. Since 2004, Roth has managed both the Fidelity Select Consumer Industries (FSCPX) and Fidelity Advisor Consumer Industries (FCNAX) funds. Formerly, he was manager at  Fidelity Select Utilities Growth (FSUTX) (1999 to 2002) and Fidelity Select Chemicals Portfolio (FSCHX) (2002 to 2004). It remains to be seen how Roth's stock-picking style will change the look of the fund, as Miller's free-ranging and eclectic management style is not easily replicable.

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.

Lawrence Jones does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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