Fidelity Investments Canada ULC announces new office opening in Montreal and
portfolio manager transitions

TORONTO, Sept. 23 /CNW/ - Fidelity Investments Canada ULC ("Fidelity Canada") today officially opened its new Montreal office, home to members of Fidelity's Team Canada, as well as its top-ranked retail and institutional sales and servicing teams. As part of its expansion in Canada, Fidelity also announced portfolio manager transitions within its Team Canada.(1)

In March 2009, Fidelity Canada announced that Team Canada, one of the largest buy-side teams dedicated to researching and managing Canadian equity portfolios was relocating to Canada after 12 years in Boston. The move home for the Team continues to garner tremendous support and interest from clients, partners and local and provincial government officials.

"Many investors and advisors are turning to solid, established companies like Fidelity with our wide breadth of products and services to help them navigate through these challenging markets," said Rob Strickland, President, Fidelity Investments Canada ULC. "Fidelity is increasing its presence in Canada and around the world, bringing our investment professionals closer to the clients we serve and the companies they cover."

Founded in Boston in 1997, Fidelity's Team Canada is comprised of 24 portfolio managers and research analysts who manage some of Canada's most successful equity mutual funds and institutional investment disciplines. Fidelity's Canadian equity mutual funds cover the spectrum of the equity sectors and are well regarded for their long-term, consistent performance.

As part of today's announcement, Fidelity welcomed home long-time member of Team Canada and accomplished portfolio manager, Maxime Lemieux. Lemieux was named Mutual Fund Manager of the Year(R) for 2007 by Dow Jones MarketWatch for his management of the Fidelity Canada Fund available to U.S. investors. He will manage the Fidelity True North(R) Fund, taking over from Stephen Binder who has made the personal decision to stay in Boston. Lemieux joined Fidelity in 1996 as a research associate on Team Canada and through the years has managed a number of Fidelity's successful equity mutual funds.

"It gives me great pleasure to welcome Max back. He is a founding member of Team Canada, with a solid track record of delivering returns for investors. Max, along with fellow Team Canada members, Daniel Dupont and Hugo Lavallée will all work out of our newly expanded Montreal office," said Andrew Marchese, Head of Canadian Equities and portfolio manager. "Of course, I make this announcement with mixed feelings as we say goodbye to Stephen Binder. Steve's experience, tenacity and investing acumen helped make Team Canada what it is today and we are better for his contributions."

With Binder's decision to remain in Boston, Don Newman, Daniel Dupont and Darren Lekkerkerker will assume full management of the equity sub-portfolios of four asset-allocation funds currently co-managed with Binder. All are long-standing members of Team Canada, working closely with Binder for a number of years on these portfolios. The team is committed to ensuring a seamless transition, which will be effective November 1, 2009.

    The appointments include:
      -  Daniel Dupont will become lead equity portfolio manager of the
         Fidelity Monthly Income Fund and the Fidelity Monthly High Income
         Fund. He is currently co-portfolio manager on both Funds.

      -  Darren Lekkerkerker, currently co-portfolio manager on the equity
         portion of Fidelity Canadian Balanced Fund will become lead equity
         portfolio manager on this sub-portfolio of the Fund.

      -  Don Newman, currently co-portfolio manager of the Fidelity Dividend
         Fund will become lead equity portfolio manager on the Fund.

In another announcement, Fidelity International Limited has announced that, after 27 years with Fidelity, portfolio manager K.C. Lee has decided to retire at the end of this year. Lee currently manages the Fidelity AsiaStar(TM) Fund for Canadian investors. Fidelity will be announcing his successor shortly. Lee will continue to manage Fidelity AsiaStar(TM) Fund through the remainder of 2009 and will work closely with the new manager to affect an orderly transition of the portfolio.

    (1) This press release relates to the following funds: Fidelity True
        North(R) Fund, Fidelity Monthly Income Fund, Fidelity Monthly High
        Income Fund, Fidelity Canadian Balanced Fund, Fidelity Dividend Fund,
        Fidelity AsiaStar(TM) 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 $49 billion in mutual fund and institutional assets. This includes $9 billion in assets for institutional clients including public and corporate 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.

SOURCE Fidelity Investments Canada Limited

For further information: For further information: Chris Pepper, Director, Corporate Affairs, Office: (416) 307-5388, Mobile: (416) 795-7762, Email:

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