Despite uncertainty over who will actually be managing the underlying assets, Fidelity Investments tomorrow opens a new fund the Fidelity Four-in-One Index Fund.
The fund of funds is managed by Jennifer Farrelly, who manages indexed and structured equity portfolios for institutional clients. Ms. Farrelly will use four of Fidelitys passively managed funds as the new funds underlying investment vehicles.
She will invest 55% of the assets in the Fidelity Spartan Market Index Fund and 15% each in Spartan Extended Market Index, Spartan International Index and Fidelity U.S. Bond Index Fund.
Bankers Trust is the subadviser of Fidelitys passively managed equity funds. Most of Bankers Trusts quantitative management team left last week for Merrill Lynch. Fidelity officials did not respond by press time regarding BTs status as the manager of Fidelitys passive mutual fund offerings.