Fidelity Investments® Continues Significant Expansion of London-Based Fixed Income Division

Michael Foggin Hired as Portfolio Manager for International and Global Bond Strategies, Max Golts Named Interest Rate and Foreign Exchange Strategist, and Gordon Ross Joins Firm as Institutional Portfolio Manager

LONDON, ENGLAND and BOSTON, MASSACHUSETTS, USA -- Fidelity Investments®, one of the world’s leading global institutional asset managers, today announced three new additions to its London-based fixed income division.

Michael Foggin has joined as a portfolio manager, Max Golts was appointed foreign exchange and interest rates strategist, and Gordon Ross has joined as institutional portfolio manager. With these appointments, Fidelity now employs more than 200 fixed income investment professionals globally, including 26 in its London office. All three will report to Mark Flaherty, Fidelity’s UK Fixed Income Chief Investment Officer.

“As global bond markets continue to evolve and become more complex, Fidelity remains committed to investing in its investment management capabilities,” said Flaherty. “With these appointments, and those in 2011, we have almost tripled the size of our London-based fixed income team over the past 18 months, adding to the depth and capabilities of our talented investment team.

“With their tremendous track records and deep understanding of international bond markets, Michael, Max and Gordon further expand our investment capacity and strengthen our ability to analyze and manage global fixed income securities on behalf of our institutional clients and mutual fund shareholders worldwide,” continued Flaherty.

In this new role, Portfolio Manager Michael Foggin will help manage international bond strategies on behalf of institutional clients worldwide through Pyramis Global Advisors®, as well as Fidelity’s mutual fund clients in the U.S., alongside Jamie Stuttard, head of International Bond Portfolio Management. Foggin joins Fidelity from Schroder Investment Management Limited, where he served as a lead portfolio manager in the firm’s fixed income division.

Foggin has 12 years of fixed income experience in the London marketplace, including the last six years with Schroders. His most recent role at Schroders was as fixed income portfolio manager, where he was responsible for the management of credit long/short and credit total return strategies, as well as segregated mandates that included European aggregate and short dated credit strategies. From 2006 to 2010, Foggin was a trader focused on cash and synthetic credit. Prior to Schroders, he was a trader at Caxton Asset Management Limited from 2004 to 2006, an operations analyst at Muzinich & Company Limited from 2003 to 2004, and a junior fund manager and trader at AG Consultancy Services Limited, the UK arm of Montani Investment Management Limited, from 2000 to 2002.

As Foreign Exchange and Interest Rates Strategist, Max Golts will work closely with portfolio managers, traders and analysts in London and across Fidelity’s Fixed Income Division. He will provide the investment team with strategic guidance on currency and yield curve positioning and will participate on the firm’s macroeconomic and sovereign research team.

Golts, who joined Fidelity in 2011, previously served as a quantitative analyst in the firm’s Bond Division in Merrimack, NH. Before joining Fidelity, Golts was a senior research analyst at Bay Hill Capital Management. Prior to that, he was a senior research analyst in the Fixed Income Group at Grantham, Mayo, Van Otterloo & Co. Golts began his investment career with consulting projects in 2004. From 1999 to 2001, Golts served as an assistant research professor at Duke University. From 2001 to 2005, he conducted research, taught Stochastic Calculus and lectured across North America and Europe as an NSF Postdoctoral Research Fellow at the Massachusetts Institute of Technology. Golts earned a PhD in mathematics from Yale University.

Gordon Ross, who has joined Fidelity as an institutional portfolio manager, will help align the firm’s investment objectives and asset management opportunities within the global institutional investment marketplace. Ross will work closely with key distribution partners in Fidelity’s institutional asset management business, Pyramis Global Advisors. He joins Fidelity from the Global Fixed Income Division of Deutsche Asset Management.

Ross has 32 years of fixed income experience in London. From 2007 to 2012, he worked for Deutsche Asset Management, where he served as director of the firm’s Global Institutional Fixed Income Division. While at Deutsche Asset Management, he also served as head of the firm’s Absolute Return Funds and FX Alpha Sources. Prior to that, Ross was director of Worldwide Fixed Income for Invesco Asset Management from 2005 to 2007, director of Global Fixed Income Product at HSBC Asset Management from 2001 to 2005 and managing director of Global Fixed Income with J.P. Morgan Chase Asset Management from 1994 to 2001. From 1990 to 1994, Ross was director of Investments with Lombard Odier & Co and from 1986 to 1990, he was a proprietary trader, first with J.P. Morgan Inc. and then with Manufacturer’s Hanover Ltd. Ross began his investment career in 1980 as an institutional fixed income portfolio manager with Morgan, Grenfell & Co. Ltd.

With these new hires, Fidelity continues to build on its recent momentum in global fixed income markets. In May, Fidelity launched Fidelity Global Bond Fund (retail and Advisor share classes) and Fidelity International Bond Fund (retail and Advisor share classes). The new funds are available directly to investors, as well as through financial advisors. In January, John Carlson, portfolio manager of Fidelity New Markets Income Fund (FNMIX), was named 2011 Fixed-Income Fund Manager of the Year in the United States by Morningstar.

Fidelity manages more than $848.9 billion in fixed income assets on behalf of institutional, intermediary and retail clients globally1.

About Fidelity Investments
Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.6 trillion, including managed assets of $1.6 trillion, as of June 30, 2012. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit

About Pyramis Global Advisors
Pyramis Global Advisors, a Fidelity Investments company, delivers asset management products and services designed to meet the needs of institutional investors around the world. Pyramis is a multi-asset class manager with extensive experience managing investments for and serving the needs of some of the world’s largest corporate and public defined benefit and defined contribution plans, endowments and foundations, insurance companies, and financial institutions. The firm offers traditional long-only and alternative equity, as well as fixed income and real estate debt and REIT investment strategies. As of June 30, 2012, assets under management totaled more than $180 billion USD. Headquartered in Smithfield, RI, USA, Pyramis offices are located in Boston, Toronto, Montreal, London, and Hong Kong.

1- As of June 30, 2012.

Before investing, consider the funds investment objectives, risks, charges and expenses. Please visit or for a prospectus or if available, a summary prospectus, containing this information.

Past performance is no guarantee of future results.

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

The Manager of the Year award is presented each year to recognize a manager’s past achievements. Morningstar fund analysts specializing in the fixed income field narrow the universe for the award to five nominees, and the winner is then selected by Morningstar’s entire team of mutual fund analysts. The award is presented to fund managers who have distinguished themselves over the past calendar year and have achieved strong risk-adjusted historical performance through the careful execution of a solid investment strategy and responsible fund stewardship.

Fidelity Brokerage Services LLC, Member NYSE, SIPC
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Fidelity Investments Institutional Services Company, Inc.,
100 Salem Street, Smithfield, RI 02917

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