Fidelity Investments will relieve some of the burden on growth equity manager George Vanderheiden. Fidelity President and CEO Robert C. Pozen said he and Mr. Vanderheiden jointly agreed to reallocate some of the more than $26 billion managed by Mr. Vanderheiden to other managers April 1.
Mr. Vanderheiden will concentrate on the Fidelity Advisor Growth Opportunities Fund, Variable Insurance Products Fund (VIP III), Growth Opportunities Portfolio and Destiny I.
Beth F. Terrana will replace Mr. Vanderheiden as manager of the Destiny II fund. Also, Thomas M. Sprague will run the equity portion of the Fidelity Asset Manager Fund and Bradford F. Lewis will take over as manager of the equity portions of the Fidelity Asset Manager: Growth Fund, and Fidelity Asset Manager: Income Fund.
Massachusetts Painters District Council No. 35, Roslindale, Mass., may merge its pension assets with those of the Glaziers & Glassworkers Local 1044, following a recent merger of the unions.
By the painters fund's April 17 board meeting, officials expect to know whether the plans will be merged and which managers will be kept, said Sharon Saganey, fund administrator for the $75 million plan. The glaziers fund has $20 million in assets, according to Nelson's Directory of Plan Sponsors.
Landmark Realty Advisors initiated a tender offer to buy up to $50 million of interests in the Development Properties Account, a commingled real estate group trust managed by AEW Capital Management.
The DPA is operating under a liquidation plan, which is expected to be completed by 2000. The offer - which represents a 22% discount from Dec. 31 net asset value of $338 million - is not hostile, said Richard Maine, president of Landmark Realty.
The SEC approved the launch of the Emerging Markets Clearing Corp., which initially will handle the clearance and settlement of U.S.-dollar denominated Brady bonds when it opens in April. The corporation plans to expand operations to handle sovereign debt Eurobonds and other emerging market debt instruments, pending SEC approval, said Keith Kanaga, managing director and senior executive of the new corporation. It will be owned by the emerging markets trading industry.