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Japan Fund Cuts Ties with Scudder, Courts Fidelity

Board of directors hires new advisor in wake of Deutsche Bank acquisition.

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After watching  Japan Fund (SJPNX) endure steep losses and disruptions caused by the acquisition of its investment advisor, the fund's board of directors has taken matters into its own hands.

The board of the oldest Japan-focused fund in the industry is asking shareholders to approve a plan to wrest control of the offering from longtime investment advisor, Zurich Scudder Investments, and give it to Fidelity Investments' asset-management unit, according to filings with the Securities and Exchange Commission.

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Dan Culloton does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.