Organizational changes at Fidelity Investments Canada

February 10, 2014

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada).

In December 2013, Fidelity Investments Canada ULC (Fidelity) announced that Pam Holding would assume the role of Chief Investment Officer (CIO) of Pyramis Global Advisors (Pyramis) - a Fidelity company - effective January 1, 2014. Ms. Holding joined the firm in January 2013, in the newly created position Head of Portfolio Management, and replaces former CIO Young Chin, who retired on December 31, 2013. Mr. Chin announced his retirement in October 2013 and has served the Pyramis investment organization as CIO for its equity investment platform since 2006.

It is expected that under the supervision of Ms. Holding, Pyramis' research will become more integrated with portfolio management, and the primary research responsibility of analysts aligned to specific investment strategies and their respective portfolio managers (PM). The global sector leaders will not only be responsible for portfolio management, but will also lead their respective global sector teams and provide research analysis.

Changes to the portfolio management team

Fidelity has also announced that over the past 18 months, Mike Jones, President and CEO of Pyramis, along with the management team, have been reviewing the firm for areas where there may be redundancies between the Pyramis Global Sector Team and the Fidelity Management & Research (FMR) team. As part of this review they have decided to eliminate four portfolio manager roles, and eight analyst roles. Matthew Van Vlack was one of the four portfolio managers that were eliminated. Mr. Van Vlack was the portfolio manager of the emerging markets equity sub-portfolio of the Fidelity Global Fund (appointed to the role in Q4 2012) and a member of the Global Equity Allocation Team (appointed to the role in Q3 2013).

John Chow has been appointed to manage the emerging markets equity sub-portfolio of the Fidelity Global Fund and will succeed Mr. Van Vlack. Mr. Chow will also join the Global Equity Allocation Team that manages the asset allocation strategy for the fund.

Effective October 1, 2013, Brian Hoesly and Chris Steward assumed joint lead portfolio manager responsibilities for Fidelity Global Fund. They succeed Michael Strong, who retired effective September 30, 2013, in his PM responsibilities, his management oversight in the international equity sub-portfolio of the fund as well as his role on the Global Equity Allocation Team.

Fidelity Global Fund structure changes
The Fidelity Global Fund is structured in such a way that security selection is divided among a number of specialty sub-portfolio managers. Each portfolio manager is responsible for security selection and portfolio construction within their specific asset class or region.

A summary of the recent changes is shown below:

Asset class

Previous PM(s)

New PM(s)

International equities

Michael Strong

Brian Hoesly and Chris Steward

U.S. equities

Stephen Balter and Christopher Galizio

Stephen Balter and Christopher Galizio

Canadian equities

Joe Overdevest

Joe Overdevest

Emerging market equities

Matthew Van Vlack

John Chow


The Global Equity Allocation Team manages the allocation strategy of the Fidelity Global Fund to the various sub-portfolios. The changes are shown below:

Previous team

New team

Michael Strong (lead)

Stephen Balter

Christopher Galizio

Matthew Van Vlack

Brian Hoesly (co-lead)

Chris Steward (co-lead)

Stephen Balter

Chris Galizio

John Chow


Background
Brian Hoesly joined Pyramis in 2006, and is an institutional portfolio manager at the firm. In this role, he is a member of the portfolio management teams for the Pyramis International Growth, International Value, Global Equity Market Neutral, and U.S. Equity Market Neutral strategies.

Chris Steward also joined the firm in 2006 as an institutional portfolio manager. In this role, he is a member of the portfolio management teams for the Pyramis International Growth and Select International Small Cap strategies.

John Chow joined Fidelity in 1994 and is now a portfolio manager at Pyramis. He has managed assets for institutional and individual investors since 1997. Mr. Chow joined the Select portfolio management team in 2011 and is now the co-manager for Pyramis Select Emerging Market strategy.

Questions?
Please contact your Sun Life Financial Group Retirement Services representative.