fired two fund managers Thursday after an investigation into a breach of ethics, according
to The Wall Street Journal
Fidelity tapped replacements for Hong Kong-based Kevin Chang
and Wilson Wong
, who had managed four funds, the Southeast Asia Fund
, Asia-Pacific Fund
, Greater China Fund
and Asia Equity Fund
. Asia Pacific Investment team members Martha Wang
, Joseph Tse
and Teera Chanpongsang
have assumed Chang and Wong's management duties.
"Our investigation can now conclude that the two portfolio managers we recently suspended did in fact breach our internal code of ethics. Our routine checks discovered a pattern of behavior that breached our internal policies and the managers were also found to have put their personal interests ahead of those of the company so appropriate action has now been taken and they have left the organization," Fidelity International spokeswoman Megan Aitken
said in a statement.
Aitken did not elaborate on how the managers broke the code of ethics, but she told the Journal that there was no criminal misconduct.
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