Fidelity Investments of Boston this week named Lawrence Rakers as portfolio manager of the $9.5 billion Fidelity Dividend Growth Fund (FDGFX) and $2.9 billion Fidelity Advisor Dividend Growth Fund (FDGIX), replacing Charles Mangum.
Mr. Rakers has managed the $25.3 billion Fidelity Balanced Fund (FBALX) and the $1.2 billion Fidelity Advisor Balanced Funds (FAIGX) since 2005.
He will continue to manage the VIP Balanced Portfolio, which has also been his responsibility since 2005.
The Fidelity Dividend Growth Fund performed in the bottom half of the large-blend category for the one-, three- and five-year periods through Sept. 9, according to Chicago fund tracker Morningstar Inc.
Mr. Mangum had managed the Dividend Growth Fund since 1997 and the Advisor Dividend Growth Fund since 1998.
“We are working with Charles to identify other potential opportunities within the firm,” said Fidelity spokesman Alexi Maravel.
The Multi-Manager Group led by Bob Stansky will take over as managers on the Fidelity Balanced Fund and Fidelity Advisor Balanced Fund.
The group includes John Avery, Matthew Friedman, Adam Hetnarski, Steven Kaye, Robert Lee, John Roth, Douglas Simmons and Pierre Sorel.
As of July 31, Fidelity had more than $3.2 trillion in assets under custody, including managed assets of $1.5 trillion.
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