Fidelity Investments is shaking up its stable of portfolio managers who delivered disappointing returns in 2008, The Wall Street Journal reports. In recent weeks, one manager has left the company, two were demoted to analyst and Fidelity is currently trying to reassign two others.

Fidelity is not known for taking such drastic measures, said analysts, some of whom welcomed the actions. “One of our criticisms in the past was that they were too slow to make portfolio manager changes, but Fidelity does seem to have stepped up the pace of that,” said John Bonnanzio, editor of Fidelity Insight.

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.