The trading desk at
Donovan is the fifth trader to depart Fidelity since federal regulators began investigating last year whether traders at the Boston-based fund giant steered business towards those clients who offered them gifts and entertainment.
"I want to move on and do something different," Donovan told the Boston Globe. He said he wasn't fired and that his departure was not related to the investigation.
According to attorneys involved with the investigation, Donovan has a brother, Peter Donovan, who works for
In December, Fidelity said it disciplined 14 employees who violated its gifts and gratuities policy and that it was "considering strengthening our procedures" and "enhancing our compliance oversight" in circumstances where a Fidelity investment employee has a relative who works at a company that does business with Fidelity.
The company said that its own internal investigation revealed no instances where family relationships led to harm to fund shareholders.