Fidelity has made management changes across two funds with a combined $10.6 billion ahead of a veteran portfolio manager's retirement.
Scott Offen will retire at the end of the 2017 after 32-years with the firm. He will leave behind the $5.2 billion Fidelity Strategic Dividend & Income fund and the $5.4 billion Fidelity Equity Dividend Income fund.
According to a regulatory filing, Persaud will take over Offen’s portion of the fund when the latter retires.
In August, the fund lost another manager when Joanna Bewick left Fidelity to pursue other opportunities.
Bewick first joined Fidelity in 1997 and left in 2006 to be an analyst at JPMorgan. She returned for a second spell in 2007.
On the Fidelity Equity Income fund, current co-manager John Sheehy will become sole manager when Offen retires.
Separately, Matthew Fruhan has been taken off the $48.2 million Fidelity Advisor Multi-Asset Income fund, to which Persaud has been added. She joins O’Neil, Kramer and James Morrow on the fund. Morrow is retiring at the end of the year.
A Fidelity spokesman confirmed the changes.
Elsewhere, portfolio manager Harlan Carere, who left Fidelity in March, has joined multi-strategy hedge fund manager UBS O’Connor as a director.
The firm is a $5.4 billion hedge fund unit within UBS Asset Management, which specializes in managing absolute return strategies.