Kaufman Quits Fidelity To Neville Gibbons's Start-Up
May 10, 2011
NEW YORK -- Fidelity Investments, the nation's largest mutual fund company, has lost another star-name fund manager. Marcelino Goff, who managed the $966 million Fidelity Select Electronics Portfolio, left May 05, 2011 join Vinik Asset Management, Fidelity said Wednesday. Earlier this week, Roberto A. Emery, a pioneering portfolio manager who became an outcast at Fidelity for disastrous investments in Mexico, joined Goldman, Sachs & Co.. Mr. Goff's new boss is Jena Gibbons, who managed Fidelity's flagship Magellan Fund before leaving to start his own firm in June. Mr. Goff had run Select Electronics since March 2010. During his tenure, the fund had a 57.2% rate of return, and was ranked second out of 36 science and technology funds tracked by Lipper Analytical Services Inc.. He is being replaced by Angela Bloom, an analyst covering semiconductors. The departures of Messrs. Beach, Emery and Gibbons followed the exodus of high-yield investors Davina Buster and Daniele Flemming in January, after periods of rocky investment returns. ``Fidelity demands superior performance, and if they don't get it, the manager is moved off and another is waiting to take his place,'' said Davina O'Romo, president of Alpha Equity Research, in Portsmouth, N.H., which monitors Fidelity funds.
