Fidelity adds David Wolf, former Bank of Canada policy advisor to asset allocation team

~Wolf joins team managing Fidelity Canadian Asset Allocation Fund, Fidelity Monthly Income Fund, Fidelity Monthly Income Class, Fidelity Dividend Fund and Fidelity Income Allocation Fund~

TORONTO, March 7, 2014 /CNW/ - Fidelity Investments Canada ULC (Fidelity Canada) today announced that, effective March 7, 2014, David Wolf, a former policy advisor to the Governor of the Bank of Canada, will be joining the Fidelity Canadian Asset Allocation portfolio management team.  Wolf will be named as portfolio manager alongside Geoff Stein and Derek Young in managing Fidelity Canadian Asset Allocation Fund, Fidelity Monthly Income Fund, Fidelity Monthly Income Class, Fidelity Dividend Fund and Fidelity Income Allocation Fund.  Stein continues as lead portfolio manager on these funds. Wolf joined the Fidelity Investments organization in September 2013.   

"Fidelity's culture of meritocracy is built on attracting, retaining and motivating the best talent in the industry. David brings a tremendous depth of global financial market insights and experience. His extensive knowledge of the Canadian marketplace and global economic trends will bring additional perspectives and knowledge to Fidelity's clients," said Rob Strickland, President, Fidelity Canada.   

"From 2009 to 2013, Wolf served as Adviser to the Governor of the Bank of Canada, and served as Secretary to the Governing Council for Monetary Policy at the Bank of Canada. As Secretary to the Governing Council for Monetary Policy, he oversaw the analysis supporting the monetary policy decision process and acted as Editor in Chief for the Monetary Policy Report. In addition, he served as a representative of the Bank of Canada on a number of international bodies, including the G-20, the International Monetary Fund (IMF) and the Organisation for Economic Co-Operation and Development (OECD). 

Prior to his work for the Bank of Canada, Wolf served as the Head of Canadian Economics & Chief Strategist for Merrill Lynch Canada from 2005 to 2009, where he was responsible for fundamental analysis and asset allocation strategy. Previously, he served as the Chief Interest Rate Strategist & Senior Economist for RBC Capital Markets, where he worked from 1997 to 2005. 

Derek Young will continue in his role as a portfolio manager alongside Stein and Wolf until March 31, 2014. Young will continue as President of Fidelity's Global Asset Allocation division. Fidelity's Global Asset Allocation division manages close to $500 billion worldwide, including over $40 billion of Fidelity's Canada's asset allocation strategies.         

"Derek has been a strong supporter of all our efforts here in Canada and we look forward to continuing to work with Derek and Fidelity's Global Asset Allocation division as we strive to deliver world-class investment solutions for our clients," said Strickland. 

About Fidelity Investments Canada ULC

Fidelity Investments Canada ULC is part of the Fidelity Investments organization of Boston, one of the world's largest providers of financial services. Recipient of the 2013 Morningstar Advisors' Choice Fund Company of the Year, Fidelity Canada manages a total of $88 billion in mutual fund and institutional assets. This includes $16 billion in assets for institutional clients including public and corporate defined benefit pension plans, endowments, foundations and other corporate assets on behalf of clients across Canada as at October 31, 2013.

Fidelity Canada provides Canadian investors a full range of domestic, international and income oriented mutual funds, as well as asset allocation and managed solutions and Fidelity Private Investment Program, a high net-worth program. Fidelity funds are available through a number of advice-based distribution channels including financial planners, investment dealers, banks, and insurance companies.

Fidelity is a proud supporter of the Boys and Girls Clubs of Canada and we are dedicated to helping young Canadians realize their full potential as productive, responsible and caring citizens.

SOURCE: Fidelity Investments Canada ULC

Chris Pepper, Vice-President, Corporate Affairs, Office: 416-307-5388, Mobile: [phone], Email: [email protected]