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.
A Massachusetts judge issued a decision yesterday that requires Arnold Schneider to terminate his relationships with former Wellington Management clients that followed him to his new firm.
Mr. Schneider was sued by former partners at Wellington shortly after he left the company at the end of 1996. Several prominent clients followed Mr. Schneider to his new firm, called Schneider Capital Management. The firm now manages $1.7 billion, the bulk of which is from former Wellington clients.
The Wellington partners sued in early 1997, alleging Mr. Schneider violated the noncompete clause in his partnership agreement. The case was heard in Massachusetts Superior Court last spring.
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.
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.
Hartford City Treasurer Denise Nappier is expected to announce her candidacy today for Connecticut state treasurer, a spokesman said. Ms. Nappier, a Democrat, is a trustee of the $865 million Hartford Municipal Employees' Retirement Fund.
Earlier this year, State Treasurer Paul Silvester, who is completing the unfinished term of Christopher Burnham, said he will run for the office. Two other Democrats, former New Haven Mayor John Daniels and Frank Leece, a former stockbroker, also have announced their candidacies.
Connecticut's treasurer is sole trustee of the $16 billion State of Connecticut Trust fund.