View more on these topics

Fidelity managers leave firm amid sexual harassment claims

Two Fidelity fund managers are facing accusations of sexual harassment and have left the asset manager in the past month, according to reports.

Sources have told the Financial Times and the Wall Street Journal that complaints about sexual comments and behaviour led to two long-serving members of Fidelity’s $1.3trn equity division being pushed out.

An emergency meeting was convened by division head Brian Hogan last week to reiterate the firm’s zero-tolerance policy to sexual harassment, it is understood.

The two individuals have not been named. The WSJ says that one denies the allegations and the other declined to comment through a lawyer.

Reports also suggest that Fidelity has engaged a consultancy to look at the firm’s work environment and sexual harassment reporting procedures.

A Fidelity spokesperson says: “Our policies specifically prohibit harassment in any form. When allegations of these sorts are brought to our attention, we investigate them immediately and take prompt and appropriate action. We simply will not, and do not, tolerate this type of behaviour.”

Only around a tenth of senior staff working at asset managers are female, research suggests; roughly the same proportion as in the advice space.

Former Newton Investment Management chief Helena Morrissey launched an initiative called The Diversity Project a year ago calling for more diversity in investment management.

Recommended

House-Dice-Coin-Symbolising-Risk-in-Mortgage-Market-700.jpg
6

Risk labels ‘meaningless’ to ordinary investors

Risk labels have become meaningless and may mislead the ordinary investor, according to digital wealth manager Scalable Capital. One in five British investors do not know the potential level of loss that they could experience in a “cautious”, “balanced” or “aggressive” portfolio, and fund values can often fall a lot more than they expect. 71 per […]

Jail banker
2

Former SJP adviser jailed after gambling clients’ money

A former St James’s Place adviser has been jailed after defrauding clients of more than £840,000 over three years. Mark Pickering was discovered to have used client money to place bets at Betfair, which the gambling business discovered after checking its records. Pickering ran up a total of £1.1m gambling losses. Judge James Sampson, of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment