Pyramis Global Advisors Chief Investment Officer, Young Chin to lead Pyramis Equity Sector Investment Strategies

TORONTO, Feb. 3, 2012 /CNW/ - Fidelity Investments Canada ULC announced, effective March 31, 2012, Young Chin, chief investment officer of Pyramis Global Advisors, a Fidelity Investments Company, will assume leadership of the Pyramis global sector portfolio management team. This team currently manages the Fidelity American Disciplined Equity^® Fund, Fidelity Growth America Fund, Fidelity Global Large Cap Fund, the U.S. subportfolios of Fidelity Global Disciplined Equity^® Fund and Fidelity Global Opportunities Fund, Fidelity U.S. Equity Investment Trust and Fidelity U.S. Small/Mid Cap Equity Investment Trust.

Chin assumes leadership from current team leader and portfolio manager, John Power (JP) who has decided to take some time away from the investment business to pursue other interests. JP will remain with the organization through March 31, 2012 to help ensure a smooth and effective transition.

The Pyramis global sector portfolio management team is comprised of seven sector portfolio managers who are responsible for individual stock buy and sell recommendations as well as industry bias. This team approach to investment management leverages the strengths of the global sector and research platform of Pyramis and Fidelity to deliver more investment opportunities for investors.

"John has provided strong leadership for the Pyramis global sector investment team and we thank him for his contributions to the growth of our organization and wish him success in the future," said Rob Strickland, President, Fidelity Investments Canada.  "While we are sorry to see JP leave, investors will benefit from the long-term experience of Pyramis' Chief Investment Officer, Young Chin as team leader on these strategies.  Young will be supported by the deep expertise of our global sector portfolio management team and our global research and risk management platforms."

Chin is a 33-year veteran of the investment management business. He joined Pyramis in 2006 and oversees the firm's portfolio management, research, and trading functions. Pyramis, with approximately $166 billion US in assets under management as of December 31, 2011, focuses on investment products and solutions for institutional and retail customers. Previously, Chin served as president and chief executive officer, Gartmore Global Investments, and co-global chief investment officer-equities, Gartmore Group, in Conshohocken, PA. In these dual roles, he oversaw investment units in the U.S., the U.K, and Japan with assets of more than $80 billion.

The Pyramis global sector portfolio managers include: Thorsten Becker (financials), Andy Burzumato (consumer staples and utilities), Chad Colman (industrials), Arun Daniel (consumer discretionary), Jody Simes (energy and materials), Vince Rivers (telecom services and information technology), and Chandler Willett (health care).

About Fidelity Investments

Fidelity Investments Canada ULC is 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 $66 billion in mutual fund and institutional assets. This includes $13 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. Investors can also access Fidelity's expertise though asset allocation, managed and fixed income solutions as well as its high net-worth program, the Fidelity Private Investment Program. 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.

Chris Pepper
Vice President, Corporate Affairs
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