Fidelity's Stock-Picking Head Hogan to Transfer Within FirmBy
Brian Hogan’s unit has faced allegations of sexual harassment
Firm is searching for a new head of its equity group
Brian Hogan, who oversees the Fidelity Investment stock-picking unit that’s faced scrutiny over sexual harassment allegations, is moving to another role within the firm.
Hogan, who has been with the Boston-based money manager since 1994, will become head of investment solutions and innovation, according to Vincent Loporchio, a Fidelity spokesman. The firm is in the process of looking for a new stock-picking head, he said.
Loporchio said Hogan’s move is consistent with Fidelity’s focus on career vitality and bringing fresh perspectives to various businesses. “One way Fidelity will continue to innovate and grow is to create opportunities for the company’s leaders," he said.
Fidelity, which managed $2.4 trillion as of September, has been rocked in recent months by allegations involving incidences of sexual misconduct. Gavin Baker, a star portfolio manager in the stock-picking group, was dismissed in September amid accusations that he sexually harassed a junior female employee. A spokesman for Baker told the Wall Street Journal that he denies the allegations and that Baker left the firm amicably.
C. Robert Chow, who was most recently part of Fidelity’s allocation group, left in October amid allegations of inappropriate remarks.
Fidelity has taken steps to respond to the harassment, with Chief Executive Officer Abigail Johnson pledging to root out mistreatment of women. Johnson moved her office to the 11th floor of Fidelity’s headquarters, where many of the money managers and other key employees work.
The firm has also created a response committee, conducted a cultural survey with investment professionals and required that all its employees undergo new training. Hogan held an emergency staff meeting in October to stress the firm’s zero-tolerance policy for inappropriate workplace conduct, including sexual harassment, Bloomberg reported that month.
Hogan, who took over management of the equity division in 2009, is replacing Bart Grenier in the shift. Grenier will lead asset management for Fidelity International, said Loporchio.
The former equity chief will report to Kathleen Murphy, who runs personal investing, which offers investment and financial planning services to individuals. Hogan, 53, had reported to Charles Morrison, who is head of asset management.
Hogan didn’t respond to a call for comment on his transfer.