The Straits Of Magellan
He may seem mild-mannered on the surface, but Edward C. "Ned" Johnson III, chairman of Fidelity Investments, certainly has a knack for the dramatic. On Mar. 11 he demoted or reassigned 18 of Fidelity's top fund managers running $60 billion of Fidelity's $386 billion. The changes left a crucial question: What is the fate of Jeffrey N. Vinik, manager of Fidelity's $55 billion Magellan fund?
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