Matthew Conti, a veteran portfolio manager who has worked at Fidelity Investments for more than two decades, is to retire at the end of December this year.
Conti is currently named on the $31.6 billion Fidelity Total Bond fund, $3 billion Strategic Advisers Income Opportunities fund, $724.9 million Fidelity Advisor High Income fund, $113.1 million Fidelity Short Duration High Income fund and $407.8 million Fidelity Focused High Income fund.
As a result of Conti’s departure, starting April 2, Michael Weaver will co-manage the Fidelity Advisor High Income fund, VIP High Income portfolio, Fidelity and Fidelity Advisor Total Bond fund, and various core high yield institutional accounts including FIAM High Yield Commingled Pool and FIAM High Income strategy, a subportfolio of Strategic Advisers Income Opportunities fund.
On the Fidelity and Fidelity Advisor Short Duration High Income funds, Kevin Nielsen will be named a co-manager along with Conti and Matthew Bartlett starting April 2.
Conti will continue to co-manage these funds until his retirement on December 31, after which time Weaver and Nielsen will fully replace him starting January 1 2019.
Fidelity will announce the portfolio management changes on the Fidelity Focused High Income fund in the third quarter of 2018, according to a spokesman.
Conti joined Fidelity Management & Research Company in 1995 and worked as a high yield analyst from 1995 to 2000. Prior to joining Fidelity, he worked a research analyst at Merrill Lynch and an engineer at General Dynamics.
Weaver joined Fidelity in 2005 and is a high yield portfolio manager. He also worked as a research analyst in the firm’s high income department covering the automotive and financial sectors.
Nielsen joined Fidelity in 2006 and has been a portfolio manager for Fidelity Investments Canada since September 2013.
'After nearly 23 years with Fidelity, Matt Conti has expressed his desire to retire on December 31, 2018. We thank Matt for his many contributions and for serving as a proud steward for our clients and fund shareholders,' said the Fidelity spokesman.