Fidelity Investments Canada ULC officially opened its new Montreal office on Wednesday and announced portfolio manager transitions within its Team Canada.

The new office is home to members of Fidelity’s Team Canada, as well as its retail and institutional sales and servicing teams.

In March 2009, Fidelity Canada announced that the team dedicated to researching and managing Canadian equity portfolios was relocating to Canada after 12 years in Boston.

“Fidelity is increasing its presence in Canada and around the world, bringing our investment professionals closer to the clients we serve and the companies they cover,” says Rob Strickland, president, Fidelity Canada.

Founded in Boston in 1997, Fidelity’s Team Canada is comprised of 24 portfolio managers and research analysts who manage Canadian equity mutual funds and institutional investment disciplines.

As part of Wednesday’s announcement, Fidelity welcomed home long-time member of Team Canada and accomplished portfolio manager, Maxime Lemieux. Lemieux was named Mutual Fund Manager of the Year for 2007 by Dow Jones MarketWatch for his management of the Fidelity Canada Fund available to U.S. investors. He will manage the Fidelity True North Fund, taking over from Stephen Binder who has made the personal decision to stay in Boston.

Lemieux joined Fidelity in 1996 as a research associate on Team Canada and through the years has managed a number of Fidelity’s equity funds.

“It gives me great pleasure to welcome Max back. He is a founding member of Team Canada, with a solid track record of delivering returns for investors. Max, along with fellow Team Canada members, Daniel Dupont and Hugo Lavallée will all work out of our newly expanded Montreal office,” says Andrew Marchese, head of Canadian Equities and portfolio manager.

With Binder’s decision to remain in Boston, Don Newman, Daniel Dupont and Darren Lekkerkerker will assume full management of the equity sub-portfolios of four asset-allocation funds currently co-managed with Binder. All are long-standing members of Team Canada, working closely with Binder for a number of years on these portfolios. The transition will be effective November 1.

Dupont will become lead equity portfolio manager of Fidelity Monthly Income Fund and Fidelity Monthly High Income Fund. He is currently co-portfolio manager on both funds.

Lekkerkerker, currently co-portfolio manager on the equity portion of Fidelity Canadian Balanced Fund will become lead equity portfolio manager on this sub-portfolio of the fund.

Newman, currently co-portfolio manager of the Fidelity Dividend Fund will become lead equity portfolio manager on the fund.

In another announcement, Fidelity International Ltd. said that, after 27 years with Fidelity, portfolio manager K.C. Lee has decided to retire at the end of this year. Lee currently manages the Fidelity AsiaStar Fund for Canadian investors. Fidelity will be announcing his successor shortly.

Lee will continue to manage Fidelity AsiaStar Fund through the remainder of 2009 and will work closely with the new manager to affect an orderly transition of the portfolio.

IE