Fidelity Investments Juggles Large-Cap, Select Skippers
May 2, 2005
Starting this week, Fidelity Investments will implement a handful of new appointments. Matthew W. Fruhan has been named portfolio manager of Fidelity Large Cap Stock Fund. Fruhan, who will succeed Karen Firestone, has managed Fidelity Select Financial Services Portfolio, Fidelity Advisor Financial Services Fund and VIP Financial Services Portfolio, and served as financial services sector leader, since April 2004.
Fruhan, who joined Fidelity in 1995, worked for its high-yield research department then, and rejoined Fidelity full-time as an equity research analyst in 1999 covering the food and supermarket industries.
Timothy M. Cohen has been named portfolio manager of Fidelity Advisor Large Cap Fund and Fidelity Destiny I, also succeeding Firestone. Cohen will continue to manage Fidelity Export and Multinational Fund, which he has managed since February 2002.
Cohen joined Fidelity as an equity research analyst in 1996, covering the business and consumer services industries, after serving as a summer intern in the equity research department in 1995.
Charles W. Hebard has been named portfolio manager of Fidelity Select Financial Services Portfolio, Fidelity Advisor Financial Services Fund and VIP Financial Services Portfolio, succeeding Fruhan. Hebard will also serve as financial services sector leader, and will continue to manage Fidelity Select Insurance Portfolio, which he has managed since 2004.
He joined Fidelity in 1999 after interning with the equity research team in 1998, covering investment management companies. As an equity research analyst, Hebard has followed the newspaper, printing, gaming, cruise-ship, energy services and insurance industries.