Fidelity Investments will reopen the Fidelity Contrafund and the Fidelity Growth & Income Fund to new investors Monday; both had been closed since April 1998. Robert Pozen, president of Fidelity Management & Research, said the funds were reopened to stabilize cash flow. Year-to-date as of Dec. 13, the Contrafund has returned –7% and the Growth & Income has returned 0%.
Pratima Abichandi was named manager of the Fidelity Select Cyclical Industries Portfolio and Fidelity Advisor Cyclical Industries fund. She succeeds Brian Hogan, who was named co-director of U.S. equity research. Bruce Herring, former director of U.S. equity research, will move to Fidelity International to manage an equity fund exclusively for overseas investors.