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Fidelity Overhauls EQ Income Funds

Fidelity is restructuring its equity income funds Fidelity Equity-Income and Fidelity Equity-Income II to boost income.

Fidelity is restructuring its equity income funds Fidelity Equity-Income and Fidelity Equity-Income II to boost income, Morningstar reports. Stephen Petersen, who managed Fidelity Equity-Income, has been succeeded by a three-manager team of James Morrow, Adam Kramer and Ramona Persaud.

Morrow will be lead manager, with Kramer managing a high-yield and convertible sleeve and Persaud running a global equity sleeve. Scott Offen, who has managed the Fidelity Value Discovery since 2002, is taking the lead at Fidelity Equity-Income II replacing Petersen, who had managed it since 2009. Offen will now manage the fund more as a pure equity portfolio, with a focus on increasing yield.

Click here for the story from Morningstar.

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