https://www.wsj.com/articles/fidelity-rethinks-star-stock-picker-system-1519641000
Fidelity Investments, the mutual-fund giant synonymous with the star stock picker, is now considering abandoning the investment process that made its managers famous, according to people familiar with the situation.
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Current and former employees also cited the unit’s male-dominated leadership under Brian Hogan, who led equity and high-income investing and was part of a group of executives known internally as “the old boy’s club.”
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Although there were some female leaders in the unit, the tight-knit executive group at the top of the unit made it hard for employees of both genders to complain about alleged misconduct, and some complaints weren’t addressed, the current and former employees said.
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The [2014 Miles Betro] incident led Fidelity executives to hold a mandatory training session at the firm that ran through a laundry list of activities Fidelity deemed improper, including the inappropriate touching of outside analysts, gambling using work email and using company smartphones to hire prostitutes, people familiar with the training session said.
Submitted February 26, 2018 at 08:04AM by mepcotterell http://ift.tt/2CKMWpy
