Steven C. Calhoun was named a portfolio manager of the $8.7 billion Fidelity Mid-Cap Stock Fund, joining current portfolio manager Shep Perkins, said Fidelity spokesman John Brockelman. Fidelity named Mr. Calhoun an associate portfolio manager on the fund less than two months ago. Messrs. Calhoun and Perkins will independently select stocks for their respective chunks of the fund, said Mr. Brockelman, who declined to say if the two managers would be splitting the assets 50-50. The spokesman said this might be the first time Fidelity has used the multimanager formula in several decades, although more recently, different managers have looked after investments in different subasset classes or regions. Fidelity officials decided "this is the best structure for this particular fund," said Mr. Brockelman, who declined to speculate on whether the formula - which was pioneered by Capital Group - could be extended to other big Fidelity funds in the future.
David Hinman joined the Los Angeles office of Ares Management, a private equity and leveraged finance firm, as a portfolio manager. An Ares spokesman said Mr. Hinman will be the lead portfolio manager for the firm's Total Return Value fund, a leveraged finance vehicle that invests in bank loans and high yield bonds. At PIMCO, he was co-portfolio manager, with Ray Kennedy, of its Corporate High Income and Corporate Opportunities funds, as well as high-yield separate accounts. Mark Porterfield, a PIMCO spokesman, did not return calls by press time. Michael Arougheti, president of Ares Capital, the firm's parent, did not return calls.