Fidelity veterans Derek Young and Geoff Stein to head Fidelity's Canadian Asset Allocation team

TORONTO, April 5 /CNW/ - Fidelity Investments Canada ULC today announced that Derek Young, long-time Fidelity portfolio manager and Chief Investment Officer of the Global Asset Allocation Group for Fidelity in the U.S. will be assuming the role of co-lead of the Fidelity Canadian Asset Allocation team.  This team manages the Fidelity Canadian Asset Allocation Fund, Fidelity Dividend Fund, Fidelity Income Allocation Fund¹ and the Fidelity Monthly Income Fund.  Joining Young as co-lead of the Fidelity Canadian Asset Allocation team is Fidelity portfolio manager and asset allocation expert Geoff Stein.  Young and Stein take over from Bob Swanson, who is leaving to pursue opportunities outside the organization.

"Derek Young is one of the industry's most respected asset allocation experts and strategist.  With the return of Derek to Fidelity's Canadian Asset Allocation team, our clients will benefit from his deep expertise in asset allocation strategies and tactics as well as his global perspectives on investing," said Rob Strickland, President, Fidelity Investment Canada ULC.  "Derek was one of the original members of the Fidelity Canadian Asset Allocation team and is very well versed in the inner workings of this team as well as the intricacies of the Canadian marketplace."

Derek Young is well known to Canadian investors and advisors.  From November 2003 to August 2008, Derek served as lead portfolio manager for Fidelity Monthly Income Fund.  From May 2005 to August 2008, Derek was lead portfolio manager for the Fidelity Income Allocation Fund and Fidelity Dividend Fund.  During his tenure on these funds, Derek served as a member of the Canadian Asset Allocation team, a group responsible for informing tactical allocation decision-making for Fidelity's Canadian asset allocation portfolios.

Currently, Young is chief investment officer of the Global Asset Allocation Group for Fidelity Management & Research Company (FMRCo.).   In this role, he oversees the strategic investment direction of asset allocation portfolios and the development of talent in the Global Asset Allocation Group.  He has a MBA from Vanderbilt University and is a Chartered Financial Analyst (CFA) charterholder.  He has also published articles and chapters in books on risk management and investment management.  Prior to joining Fidelity in 1996, Young worked for the Board of Governors of the Federal Reserve of the United States.

Working with Young and the CAA team as co-lead and portfolio manager will be Geoff Stein.  He is currently portfolio manager in the Global Asset Allocation Group of FMRCo with responsibility for managing a suite of tactical asset allocation funds for U.S. investors.  Stein joined Fidelity in 1994 with a BA from Yale University and a MBA from the Stanford University Graduate School of Business.  He is a Chartered Financial Analyst (CFA) charterholder, a member of the CFA Institute and the Boston Security Analysts Society and serves on the Board of Overseers of the Boston Children's Museum.

"Geoff Stein is one of the premier asset allocation experts and portfolio managers in Fidelity's global organization," added Strickland.  "He is a great addition to Fidelity's Canadian Asset Allocation team."

Bob Swanson's last day is April 15, 2011 and in the interim, he will work with Derek Young, Geoff Stein and all members of the Fidelity Canadian Asset Allocation team to effect an orderly transition of responsibilities.

"Bob Swanson was a valued member of the Fidelity team and we wish him well in his future endeavours," said Strickland.  "While we are always sorry to see people leave, it is understandable that some will do so to pursue new career opportunities.  That said, we are very proud of the depth and breadth of the Fidelity investment management team.  Fidelity's proven system of recruiting and training analysts and portfolio managers has resulted in a very deep bench of talent with experienced and skilled people who are prepared to step in and perform very well in a variety of assignments."

Bob Swanson is also co-lead portfolio manager of Fidelity Canadian Equity Investment Trust (the underlying fund of Fidelity Canadian Equity Private Pool) with Andrew Marchese, Head of Canadian Equities.  With Swanson's departure, experienced Fidelity portfolio manager Joe Overdevest will join Marchese as co-lead portfolio manager for the fund.

About Fidelity Investments Canada ULC

Fidelity Investments Canada ULC is the country's sixth largest mutual fund company and part of the Fidelity Investments organization of Boston, one of the world's largest providers of financial services. In Canada, Fidelity manages a total of $68 billion in mutual fund and institutional assets.  This includes $14 billion in assets for institutional clients including public and corporate defined benefit pension plans, endowments, foundations and other corporate assets on behalf of clients across Canada.

Fidelity Canada provides Canadian investors a full range of domestic, international and income oriented mutual funds. Fidelity funds are available through a number of advice-based distribution channels including financial planners, investment dealers, banks, and insurance companies.  Fidelity is a proud supporter of the Boys and Girls Clubs of Canada and we are dedicated to helping young Canadians realize their full potential as productive, responsible and caring citizens.

1) The Fidelity Income Allocation Fund was previously named the Fidelity Monthly High Income Fund.  This name change was effective July 19, 2010.

SOURCE Fidelity Investments Canada Limited

For further information:

Chris Pepper
Director, Corporate Affairs
Office: 416-307-5388
Mobile: 416-795-7762
Email: chris.pepper@fmr.com


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