Fidelity’s leading equity income manager is to retire at the end of 2017.
James Morrow is planning to retire on December 31 this year, according to a Securities and Exchange Commission (SEC) filing.
‘He has been proud steward for our clients and shareholders and we thank him for his many contributions,’ said a Fidelity spokeswoman.
Morrow currently manages 13 mutual funds for Fidelity, accounting for $27.6 billion of assets, including the:
- $13.2 billion Fidelity Series Equity Income fund (sole manager);
- $8.6 billion Fidelity Equity Income fund;
- $2.2 billion Fidelity Advisor Equity Income fund;
- $2 billion Fidelity Advisor Diversified Stock fund (sole manager);
- $1.6 billion Fidelity Advisor Series Equity Income fund (sole manager);
- and the $49.1 million Fidelity Advisor Multi-Asset Income fund.
According to a fund filing, Sean Gavin will join Morrow in managing the Fidelity Series Equity Income fund in April—and will take over as lead manager when Morrow retires.
Morrow has been with Fidelity for nearly 19 years, joining the firm in 1998. Prior to joining Fidelity he was an analyst within the loan restructuring group at Chase.
JPM switches PMs
Separately, JPMorgan Asset Management has switched the management of the $2.8 billion JPMorgan Intrepid International fund, according to an SEC filing.
Horne and Ingram join Zenah Shuhaiber, who has managed the fund since 2013.
Horne and Ingram have over 28 years' combined experience at JPMorgan.
‘Sandeep Bhargava is no longer a portfolio manager, but is still with the firm. There will be no changes to the fund’s investment approach,’ said a JPMorgan spokeswoman.