Fidelity Replaces Raker With Persaud to Run Two Dividend Funds

Thursday, 26 Dec 2013 01:08 PM

 

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Fidelity Investments, the world’s second-biggest mutual-fund company, said Ramona Persaud on Jan. 1 will take over management of two dividend growth funds that collectively manage almost $10 billion.

Persaud will replace Lawrence Rakers on Fidelity Dividend Growth Fund and Fidelity Advisor Dividend Growth Fund, according to regulatory filings made available Dec. 17. Rakers had managed the funds since 2008. Persaud, who’s been at Boston-based Fidelity since 2003, also manages Fidelity Global Equity Income Fund.

The $8.7 billion Fidelity Dividend Growth Fund returned an annualized 12 percent over the past three years, behind 91 percent of similarly managed funds, and 31 percent over the past year, trailing 53 percent of rivals, according to data compiled by Bloomberg. The $1.1 billion Fidelity Advisor Dividend Growth Fund returned an annualized 12 percent over the past three years, behind 74 percent of peers, and 31 percent over the past year, behind 51 percent of peers.

The $3 billion Fidelity Advisor Capital Development Fund also had a manager change, with Matthew Fruhan replacing Harlan Carere this month, according to a separate regulatory filing.

Morningstar Inc. reported the manager changes earlier today. A call to Fidelity’s media relations line wasn’t immediately returned.

© Copyright 2014 Bloomberg News. All rights reserved.

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