Fidelity's [see profile] size hasn't necessarily translated into it establishing itself as a well-oiled investing machine, Moningstar argues.

The research firm brings into question the firm's PMs playing musical chairs among many of its sector-focused Select funds. Its average manager tenure, at 3.2 years, ranks 24th out of the 25 largest firms, according to the pub. Fidelity's executive team has also been in flux in recent years with new additions of asset management and corporate services presidentRonald O'Hanley, chief investment officerJoe DeSantis, head of fixed income Christopher Sullivan, equity lead Brian Hogan, and international equity chief Bruce Herring all coming on board within the past two years.

And just to rub some more salt on the wound, Morningstar said that Ned Johnson's letters to shareholders "have often demonstrated notably little effort to comment on fund performance, the future of his firm, or investing in general."  

Edited by: Hung Tran


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE