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Lange Replaces Stansky At Magellan; Look For More Tech; Departing PM steered giant through bad bear; will shift spark Fidelity?(MUTUAL FUNDS)(INVESTMENT TRENDS)
Byline: PAUL KATZEFF
Fidelity Investments announced on Monday that Robert Stansky has stepped aside after nearly a decade at the helm of once-proud $52.5 billion Magellan Fund.
Veteran manager Harry Lange took over the reins of the fund, which under Edward C. Johnson 3d and Peter Lynch -- its first and third managers -- averaged annual returns of about 30%.
The change was one of several unveiled by the giant, Boston-based fund family.
During Stansky's tenure -- which included the long, deep bear market that began in March 2001 -- the fund averaged 6.89%, according to Morningstar. The S&P 500 came in with an 8.08% yearly total return.
Fergus Shiel replaced Lange as boss of Capital Appreciation. Shiel recently returned to Fidelity from an outside hedge fund.
Stansky ran the fund as a large-cap blend portfolio.
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