NEW YORK (AP) — Fidelity Investments on Tuesday said it is replacing the manager of its struggling Magellan fund, once the largest mutual fund in the world.
Jeffrey S. Feingold, manager of Boston-based Fidelity's Trend fund and several others, will succeed Henry Lange, who led Magellan since 2005.
Lange was the latest in a series of managers to run the well-known fund since its star manager Peter Lynch left in 1990. His tenure has been marked by disappointing performance — the fund lagged large-cap growth rivals by more than 90 percent in the six years since he took over, according to Morningstar.
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