Fidelity Management & Research Co.
Vice Chairman Peter S. Lynch told CNBC’s “Louis Rukeyser’s Wall
Street” he isn’t aware of any instances in which mutual funds
favored hedge funds over ordinary investors.
“I just read about it in the paper this morning,” Lynch
said on the television program. “It looks on the surface to be
wrong.” Boston-based Fidelity Management is part of Fidelity
Investments.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Vanguard Group, the second-largest U.S. mutual fund manager,
is one of at least six companies to receive a subpoena from New
York Attorney General Eliot Spitzer as part of an inquiry into
trading practices in the $6.9 trillion industry. Spitzer has said
that illegal practices enabled hedge funds to buy mutual fund
shares at prices not available to most investors.
Fidelity Investments, the largest U.S. fund company, hasn’t
received a subpoena from Spitzer as of late last week, said spokeswoman
Anne Crowley.
Panelist Mary Farrell, senior investment strategist at UBS
Financial Services Inc., recommended shares of Cisco Systems Inc.,
the world’s largest maker of equipment that links computers;
DuPont & Co., the inventor of nylon and Lycra; and Wells Fargo &
Co., the fourth-largest U.S. bank.
Bloomberg News
