Fidelity Magellan Fund portfolio manager Jeffrey Vinik is leaving to start his own investment management firm, but 401(k) plan clients say they'll contiue to offer the fund as an option.
Mr. Vinik's move affects almost 2,600 defined contribution plan sponsors that offer the fund as an option. Half of Magellan's $56 billion in assets is from defined contribution plans.
Few pension executives are familiar with Mr. Vinik's replacement, Bob Stansky, who manages the Fidelity Growth Company and Fidelity Advisors Equity Growth funds. Mr. Stansky becomes the portfolio manager of Magellan effective June 3. Mr. Vinik will stay until June 30 to help in the transition.