Addition to the Fidelity Canadian Core Equity Institutional Trust PM team
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 fund listed below, which is established as a segregated fund in accordance with the Insurance Companies Act (Canada).
This is an update only and you don’t need to take any action as a result of this news.
Fidelity recently announced that they have introduced a co-portfolio manager (co-PM) structure for the Fidelity Canadian Core Equity Institutional Trust Segregated Fund (the Fund). Since 2005, Andrew Marchese had been the only PM on the Fund. Joe Overdevest has served as a back-up PM to Marchese but did not co-manage the Fund. Marchese is currently a PM on other funds and has been the CIO of Fidelity Investments since 2014. Fidelity said the co-PM structure allows them to better serve clients as the firm is growing in both assets under management (AUM) and investment personnel.
The co-PM structure came into effect on May 1, 2025. Edward Lui and Andrew Marchese are now the co-PMs on the Fund. They both have ultimate authority over the investment decision-making processes, while factoring in analysts’ views and research. As co-PMs, Marchese and Lui collaborate on investment thesis and jointly make investment decisions on the Fund.
Lui was the Institutional PM for the Fund since 2012. In this role, Lui was responsible for updating clients and business partners on the Fund. Now that he is a co-PM, there will no longer be an Institutional PM on the Fund. Lui is also lead PM for the Fidelity Canadian Low Volatility Equity mandate and a co-PM on other Fidelity strategies.
GRS Investment Solutions team view
We are comfortable with the announced changes to the Fund. Lui has worked alongside Marchese for many years and has strong familiarity with the investment philosophy and process of the Fund. We believe he can step into this role relatively seamlessly. We don’t typically see an Institutional PM move into a PM role with investment decision-making authority. However, we note that Lui has PM experience on other Fidelity funds.
With Marchese acting as CIO of Fidelity Investments Canada and also managing various strategies, a co-PM structure will free up some of his time while also reducing key person risk. Co-PM structures are common among other investment managers.
We will continue to evaluate these changes and provide further updates if necessary.
Questions?
Please contact your Sun Life Group Retirement Services representative*.
*In Quebec, registered as a Group annuity plans advisor.