Fidelity promotes Andrew Wells to global bond role

Sabita Prakash will succeed WellsÆs role as group leader for Asian fixed income, while E*trade's Fong joins as head of retail direct channel.
Andrew Wells, chief investment officer for Asian fixed income at Fidelity Investments in Hong Kong, has been promoted into a newly created position in London as global CIO for fixed income. He will report to Michael Gordon, global chief investment officer. The current head of credit research in Hong Kong, Sabita Prakash, will succeed WellsÆ role as group leader for Asian fixed income.

Wells joined Fidelity in 1996 and has more than 16 years of experience in fund management, both as a trader and portfolio manager. He was originally a fixed income portfolio manager for Fidelity in London. In 2002, he was relocated to Hong Kong to build out FidelityÆs fixed income team in Asia. Well's team currently oversees $2.8 billion in retail and institutional clientsÆ assets, including global bonds, US bonds and money market instruments.

Gordon says the firm will leverage Wells' Asian experience as Fidelity expands its product range in fixed income.

Prakash, a director of research for the past three years, will replace WellsÆs role in overseeing credit and quantitative research, trading, investment operations and directing investment teams in Asia. She has over 14 years of experience in with fixed income market in Asia. Prior to joining Fidelity in 2004, she worked at HSBC Capital Markets and Standard & Poors.

Separately, Michael Fong has been appointed to fill the new role as head of personal investment at Fidelity. Fong will be joining Fidelity from E*trade, where he was senior director and head of retail for Asia Pacific. In E*trade, he was responsible for sales, service, marketing and product development initiatives. Fong will assume a similar role at Fidelity, to expand its presence in the personal retirement solutions market in Hong Kong.

A 10-year veteran in investment sales, Fong had also worked for Citic Ka Wah Bank and TD Bank in Canada, Hong Kong and Singapore.

As of June 30, 2007, Fidelity International manages $290.9 billion of assets worldwide ex-USA and Canada, and has operations in 23 countries, including Japan, Hong Kong, South Korea, Singapore, Australia, Taiwan and India. It also has a representative office in mainland China.
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