Fidelity Investments Canada ULC announced on Friday that 28-year investment veteran Kevin Elliott will be assuming portfolio management responsibilities on the Fidelity Canadian Growth Company Fund.

Elliott succeeds Maxime (Max) Lemieux who will be taking a sabbatical effective Sept. 2. Lemieux’s new fund assignments will be announced at the end of his sabbatical in March 2009.

“Fidelity is a great organization with tremendous resources that are shared by highly energized investment professionals. Fidelity has made my career a success and I look forward to rejoining the team early next year,” said Lemieux.

Kevin Elliott joined Fidelity in July 2008. Elliott brings to Fidelity’s Canadian equity team deep experience and a strong track record of performance. Elliott’s skills and investment styles will complement the existing team. Established in 1997, Fidelity’s Canadian equity team, also known as Team Canada, is the largest buy-side team dedicated to researching and analyzing Canadian equities.

“Consistent with Fidelity’s proven investment approach, Elliott uses bottom-up, fundamental analysis to drive strong returns for investors. He is a great complement to our already impressive investment management team,” said Bob Haber, Fidelity Investment Canada’s chief investment officer.

Team Canada member Hugo Lavallée, currently co-portfolio manager with Lemieux on Fidelity Canadian Opportunities Fund since December 2006, will take on lead portfolio management duties on that fund. Lavallée joined Fidelity in 2002 as a research analyst responsible for analyzing various sectors in the
Canadian market. He has also managed components of Fidelity Canadian Disciplined Equity Fund.

Lemieux also manages the Fidelity Canada Fund open to U.S. investors. In early 2008, he was named Mutual Fund Manager of the Year for 2007 by Dow Jones MarketWatch, outperforming more than 2,400 equity fund managers in the U.S.

“Max is a top-performing portfolio manager at Fidelity, with over 12 years of investing experience. He has had a rapid accession through the Fidelity ranks, has delivered impressive returns on behalf of our investors and is now taking well-deserved time off,” said Haber.

Lemieux joined Fidelity in 1996 as a research associate on the Canadian equity research team headed by chief investment officer Bob Haber. As a member of Team Canada he analyzed a number of Canadian equity sectors including entertainment, broadcasting, technology and forest products.

From 1999 to 2000, he co-managed Fidelity Canadian Growth Company Fund and assumed portfolio management responsibility for Fidelity Canadian Opportunities Fund upon its launch in July 2000. In 2002, Maxime was named portfolio manager of Fidelity Canada Fund.