Industry veteran Kevin Elliott appointed portfolio manager of Fidelity Canadian Growth Company Fund

    TORONTO, Aug. 1 /CNW/ - Fidelity Investments Canada ULC today announced
that 28-year investment veteran, Kevin Elliott will be assuming portfolio
management responsibilities on the Fidelity Canadian Growth Company Fund. He
succeeds Maxime (Max) Lemieux who will be taking a sabbatical effective
September 2, 2008. Lemieux's new fund assignments will be announced at the end
of his sabbatical in March 2009.
    "Fidelity is a great organization with tremendous resources that are
shared by highly energized investment professionals. Fidelity has made my
career a success and I look forward to rejoining the team early next year,"
said Max Lemieux, portfolio manager.
    Kevin Elliott joined Fidelity in July 2008. Elliott brings to Fidelity's
Canadian equity team deep experience and a strong track record of performance.
Elliott's skills and investment styles will complement the existing team.
Established in 1997, Fidelity's Canadian equity team, also known as Team
Canada, is the largest buy-side team dedicated to researching and analyzing
Canadian equities.
    "Consistent with Fidelity's proven investment approach, Elliott uses
bottom up, fundamental analysis to drive strong returns for investors. He is a
great complement to our already impressive investment management team," said
Bob Haber, Chief Investment Officer, Fidelity Investments Canada ULC.
    Team Canada member, Hugo Lavallée, currently co-portfolio manager with
Lemieux on Fidelity Canadian Opportunities Fund since December 2006 will take
on lead portfolio management duties on that fund. Lavallée joined Fidelity in
2002 as a research analyst responsible for analyzing various sectors in the
Canadian market. He has also managed components of Fidelity Canadian
Disciplined Equity Fund.
    Lemieux also manages the Fidelity Canada Fund open to U.S. investors. In
early 2008, he was named Mutual Fund Manager of the Year for 2007 by Dow Jones
MarketWatch, outperforming more than 2,400 equity fund managers in the U.S.
    "Max is a top-performing portfolio manager at Fidelity, with over 12
years of investing experience. He has had a rapid accession through the
Fidelity ranks, has delivered impressive returns on behalf of our investors
and is now taking well-deserved time off," said Haber.
    Lemieux joined Fidelity in 1996 as a research associate on the Canadian
equity research team headed by chief investment officer Bob Haber. As a member
of Team Canada he analyzed a number of Canadian equity sectors including
entertainment, broadcasting, technology and forest products. From 1999 to
2000, he co-managed Fidelity Canadian Growth Company Fund and assumed
portfolio management responsibility for Fidelity Canadian Opportunities Fund
upon its launch in July 2000. In 2002, Maxime was named portfolio manager of
Fidelity Canada 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 $52 billion in mutual fund and corporate pension plan
assets. It offers 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 Investments also administers defined contribution plans and
manages defined benefit assets on behalf of corporate clients across Canada.
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.

For further information:

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

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