Fixing Fidelity

Who is James Curvey? He just may be the man who saves Fidelity from itself

During the four-day, 1,000-point stock market debacle that started on Aug. 26, the atmosphere at Fidelity Investments in Boston was less hectic than on the floors of the stock exchanges. With many fund managers on vacation, trading fell to half its normal volume of 5% to 7% of all Wall Street trades. Telephone calls from shareholders increased. All told, customers moved some $2.5 billion from Fidelity's equity funds into money-market funds. That's nothing to sneeze at, but it's a pittance compared with the $487 billion in equity-fund assets managed by the nation's No.1 fund company. Dividend Growth Fund manager Charles Mangum, who interrupted his beach vacation to go bargain-hunting for beaten-down financial stocks, says: "Hey, markets go down, too." He adds: "It's a good excuse to upgrade your portfolio."

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