Fidelity International has fired two Hong Kong-based fund managers for what it said were breaches of its ethics policy, The New York Times reports.
"Our investigation can now conclude that the two portfolio managers we recently suspended did, in fact, breach our internal code of ethics," Fidelity said in a statement. The company said it uncovered a ''pattern of behavior'' where the managers put "their personal interests ahead of those of the company." Earlier reports indicated the two had established personal trading accounts and Fidelity had suspended them and were investigating the two.
Megan Aitken, head of corporate communications for Fidelity's Asia Pacific bureau, declined to name the men or comment on the nature of their infractions, but said there was no evidence of criminal activity. The Times identified the fund managers as Kevin Chang and Wilson Wong.
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