November 7, 2005
Fidelity Names Lange Magellan Fund Skipper
Robert E. Stansky, manager of the Fidelity Magellan Fund, is retiring after 22 years at the firm and nearly a decade at the helm of its largest fund, Fidelity Investments announced last week. He will be replaced by Harry W. Lange, who has been overseeing the Fidelity Capital Appreciation and Fidelity Advisor Small Cap funds.
"I am honored to take over a fund with the history and importance of Magellan," Lange said in a statement.
Fidelity has also appointed new managers for a number of other funds. On the Fidelity Growth & Income Portfolio, Timothy M. Cohen succeeds Steven Kaye, who is currently considering a number of other options with the firm. Cohen has been manager of the Fidelity Export and Multinational, Fidelity Destiny I and Fidelity Advisor Large Cap funds. Cohen will continue managing the Destiny I fund, but succeeding him on the Advisor Large Cap Fund will be Matthew W. Fruhan, who will also continue overseeing the Fidelity Large Cap Stock Fund, and succeeding Cohen on the Fidelity Export and Multinational Fund will be Victor Y. Thay.
Thay will turn over the reins to the Fidelity Growth & Income Portfolio, VIP Growth & Income Portfolio and Fidelity Growth & Income II Portfolio to James F. Catudal, who will manage those funds in addition to the Fidelity Stock Selector Fund, which he currently oversees.
As for Lange's previous responsibilities, James M. Harmon will take over the Fidelity Advisor Small Cap Fund. In turn, Rich S. Thompson will assume responsibility for Harmon on the Fidelity Small Cap Independence Fund, and Lionel Harris will take over Harmon's oversight of the Fidelity Small Cap Retirement Fund. Thompson had been an interim co-manager of the Fidelity Small Cap Stock Fund. Harris will continue overseeing the Small Cap Growth Fund with Charles L. Myers.
J. Fergus Shiel succeeds Lange as manager of the Fidelity Capital Appreciation Fund. Shiel will continue managing the Fidelity Advisor Dynamic Capital Appreciation and VIP Dynamic Capital Appreciation portfolios.
Trombley Promoted to SVP At Delaware Investments
Janet Trombley has been promoted to senior vice president at Delaware Investments and head of the firm's institutional client services group. Her responsibilities will include setting the strategic direction and day-to-day management of the firm's institutional client services.
Prior to her hire, Trombley was at the Campbell Soup Co. for 16 years, most recently as assistant treasurer. Before that, she managed benefit and retirement plan finance for Harris Corp.
Rollenhagen at Claymore As ETF Managing Director
Claymore Securities has hired Kris Rollenhagen to serve as managing director of closed-end fund and exchange-traded fund research and portfolios.
He joins the firm with more than 20 years of experience in the securities industry, specializing in the development, analysis, research, support and marketing of portfolio-structured products.
He will be a key factor in helping to increase product awareness for the firm's domestic and global product lines.
Rollenhagen was previously with Prudential Equity Group as director of closed-end fund and exchange-traded fund research. Before that, he was vice president and manager of financial services at Gruntal.
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