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Fidelity Investments fund managers exit amid sexual harassment claims

Fidelity Investments fund managers exit amid sexual harassment claims

According to reports, two fund managers have left Fidelity Investments amid sexual harassment allegations. 

The Wall Street Journal reported that former portfolio manager C Robert Chow resigned earlier this month and Gavin Baker, a leading tech fund manager, both left the firm's $1.3 trillion (£1 trillion) equity division following the claims. 

The report, which has widely followed up across the media, said the allegations forced its stockpicking head, Brian Hogan, to call an emergency meeting stressing the company had a zero tolerance policy towards sexual harassment and discrimination. 

Fidelity Investments is believed to have hired a consultancy firm to run the rule over the working culture at the firm and make it easier for people to report harassment internally. 

In a statement released to the media on Sunday, the firm said: 'Fidelity’s policies specifically prohibit harassment in any form.

'When allegations of these sorts are brought to our attention, we investigate them immediately and take prompt and appropriate action.' 

The firm, which has more than 40,000 employees, is one of the few asset managers run by a woman - Abigail Johnson, who is the grand-daughter of the company's founder Ned Johnson and took up the CEO role less than a year ago. 

According to reports, the firm has several mechanisms in place for staff to report wrongful behaviour. These include a so-called 'chairman’s line', which allows employees to report misconduct in an anonymous way.

In a recent interview with Bloomberg, Johnson said Fidelity wanted to boost the number of women in its ranks. 

'We have a real need in our business to recruit more women. We don’t have enough women who are customer facing reps to serve all the women customers who come in and ask for women,' she said in the interview. 

The full Wall Street Journal Story can be found here (subscription only)

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