Fidelity International has fired two veteran fund managers in Hong Kong for breaching its internal compliance code and putting “personal interests ahead of those of the company”.
Industry sources believe that the two managers – Kevin Chang and Wilson Wong – had been operating personal trading accounts in violation of company policy. Fidelity declined to confirm or deny this.
The two managers, who ran 14 funds with a total of $7.4bn in clients' money, were suspended by Fidelity in January. Both had worked at the company for more than a decade.
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