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Rating:Fidelity Axes Two PMs Over Ethics Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, February 25, 2010

Fidelity Axes Two PMs Over Ethics

by: Daniel Tovrov

Fidelity International 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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