Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and 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
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter