The Daily Telegraph reports that Fidelity has demoted one of its fund managers as the value of the fund he managed has fallen over $18bn in less than three years.
Fidelity's Aggressive Growth Fund was one of the best performing funds in America when Robert Bertelson took over responsibility for running it in early 2000. The fund value fell from around $22bn to just under $4bn under his three year stewardship.
The independent Fidelity Investor newsletter has described Bertelson as 'arguably the worst stock picker....seen at Fidelity.' He has now been reassigned as part of a team managing a much smaller fund.
Bertelson did take over responsibility for Aggressive at its peak value and he clearly had to cope in very difficult market conditions. Nevertheless, his fund does appear to have underperformed a number of other rival funds and Fidelity felt that a change at the helm was required.