Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

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)

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter