Veteran Fidelity value manager Katherine Buck is to retire from the firm at the end of March 2018, leaving behind nine funds with combined assets of $61 billion.
Buck has been with the firm for 17 years, split over two spells, first from 1996 to 2006 and then from 2010 to present.
She began her career at Fidelity as an equity research associate and analyst in 1996 before being made portfolio manager of the Fidelity Small Cap Value fund in 2004.
Buck left the firm in 2006 and joined Magnetar Capital, where she worked until 2007 before a stint at Wintrust Capital Management from 2008 to 2010, at which time she re-joined Fidelity.
'We thank Kathy for her many contributions and for serving as a proud steward for our clients and fund shareholders,' said a Fidelity spokesman.
As a result of her impending retirement, she has been taken off the following funds:
- Fidelity Low-Priced Stock ($39.4 billion)
- Fidelity Series Stock Selector Large Cap Value ($10 billion)
- Fidelity Value ($8.7 billion)
- Fidelity Advisor Stock Selector Large Cap Value ($1.2 billion)
- Fidelity Stock Selector Large Cap Value ($1.2 billion)
- Fidelity Advisor Series Stock Selector Large Cap Value ($1.1 billion)
- Fidelity Advisor Value ($112.2 million)
- Fidelity Flex Large Cap Value ($9.5 million)
- Fidelity Flex Mid Cap Value ($3.2 million)
Buck's responsibilities on the Fidelity Low Priced Stock fund were absorbed by Citywire AA-rated Joel Tillinghast, the lead portfolio manager who has been on the fund since 1989.
He co-manages the strategy with Justin Bennett, John Mirshekari, Shadman Riaz, Morgen Peck, Citywire A-rated Sam Chamovitz and Salim Hart.
Buck was replaced on the consumer discretionary and consumer staples sleeves of the Fidelity Value and Fidelity Advisor Value funds by Matt Friedman who has been a manager on both since 2010.
That fund is also managed by Stephen Barwikowski, Laurie Bertner, Bennett, Mirshekari and Riaz.
On the consumer staples sleeves of the four Fidelity Stock Selector Large Cap Value funds and the Fidelity Flex Large Cap Value fund, Buck's responsibilities have been taken on by Laurie Mundt, an existing manager on the strategies.
The other managers of the funds are lead manager Friedman and co-managers Bennett, Mirshekari and John Sheehy in addition to Chip Perrone, who was added to each on December 1.
The Fidelity Flex Mid Cap Value fund continues to be managed by the same team of Bennett, Friedman, Mirshekari, Mundt and Riaz with no additional changes.