Bloomberg tells us,"Fidelity's $1 trillion ‘bond queen' is retiring." They explain, "Fidelity Investments' top fixed-income executive with oversight of more than $1 trillion of assets is exiting the firm after six years in the role. Nancy Prior, 52, will depart later this year and the firm will name a successor, Fidelity said, calling her exit a retirement. Ms. Prior has been with Fidelity for 18 years and was promoted to oversee the fixed-income division in 2014.... Assets under management at Ms. Prior's group, which includes bond and money market funds, have grown from $714 billion under her leadership. Ms. Prior, who joined Boston-based Fidelity from the Mintz Levin law firm, was managing director of credit research before taking over the money markets group in 2011." Fidelity says in a Q&A, "Prior to assuming the role of president, Fixed Income, Nancy began leading Fidelity's Money Market group in 2011, and expanded her responsibilities in 2013 to oversee Short-Duration Bonds. Before heading Money Markets, she was managing director of Credit Research from 2009 to 2011, where she was responsible for leading a global team of research associates in the financials and structured products sectors. From 2002 to 2009, Nancy held several positions within the Fixed Income legal team, including senior vice president and deputy general counsel." Fidelity says in a separate earlier statement, "After nearly 30 years with Fidelity, Timothy Huyck, Chief Investment Officer, Money Markets, has expressed his desire to retire on December 31, 2019. Fidelity money market portfolio manager, Kevin Gaffney, will become CIO of Money Markets on October 1, 2019. In this role, Kevin will work with the money market investment team to determine investment strategy and risk management practices for Fidelity's money market mutual funds. Tim will work closely with Kevin and remain with the firm until year-end to ensure a smooth transition. We thank Tim for his many contributions and for serving as a proud steward for our clients and fund shareholders. We expect to name a successor for Kevin's portfolio management role in the coming weeks."
