Due to a recent flood of outflows from its U.S. stock funds, Fidelity Investments is on a mission to expand its research group, and the move is forcing rivals to safeguard their best talent for fear of being cannibalized, according to the Boston Business Journal.

Fidelity intends to spend $100 million to recruit 75 new analysts, a move that would double the amount of its researchers by May 2006. Fidelity has already hired 35 new researchers, and about 10% of them are mutual fund industry veterans with between 16 and 18 years of experience. Fidelity would not comment on where the new hires were recruited from, or from where it intends to find the remaining 40, but it's been taken as a warning shot by rival shops.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.