American Express Lures Managers From Fidelity
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American Express Co. has lured three prominent portfolio managers from Fidelity Investments as it strives to perk up its struggling mutual fund operation.
Nick Thakore of the $12.5-billion Fidelity Fund, Robert Ewing of the $7-billion Fidelity Balanced fund and Doug Chase of the $673-million Fidelity Export & Multinational fund are among the Boston fund giant’s top young managers, according to Morningstar Inc. analyst Scott Cooley.
All three funds have beaten at least 70% of their category peers in the last 12 months, Morningstar data show.
Thakore will take over AXP Growth and Chase will take over the stock portion of AXP Mutual in April.
Ewing will run AXP Large Cap Equity once that fund is launched in the second quarter.
Several American Express funds have been longtime laggards, including AXP Growth, which has trailed 90% of its large-cap growth peers over the last five years, according to Morningstar.
Investors redeemed a net $1.6 billion from American Express Financial’s stock and bond funds last year, Financial Research Corp. estimates.
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