Fidelity Advisor Growth Opportunities--Transition Ahead
In a departure, Fidelity announces manager changes with more than nine months' advance notice.
In a departure, Fidelity announces manager changes with more than nine months' advance notice.
Fidelity announced that on Jan. 1, 2015, Gopal Reddy will become lead manager of Silver-rated Fidelity Advisor Growth Opportunities (FAGAX), Fidelity VIP Growth Opportunities, and Fidelity Series Advisor Growth Opportunities (FAOFX). Reddy has served as comanager alongside lead manager Steve Wymer since October 2012.
Wymer will remain as comanager on those funds until March 31, 2015, and he plans to continue running Silver-rated Fidelity Growth Company (FDGRX) solo, as he has since 1997.
The long transition period is a positive development at Fidelity, which in the past has been criticized for abrupt manager changes. This time frame means that Reddy, who joined Fidelity as an analyst in 2001, will have spent about 2.5 years working with Wymer on the fund before officially taking over as sole manager. Advisor Growth Opportunities has a strong record under Wymer, who took over in 2009, and has continued to do well since Reddy joined. Reddy plans to continue using the same strategy Wymer followed, which focuses on companies with distinctive products or pricing power in fast-growing market niches. However, Reddy does not have his own track record running a diversified fund.
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