Two high-level fund managers at Fidelity Investments have left the company to begin their own investment management firm, according to a company spokesperson.

Timothy Krochuk, who managed the Fidelity TechnoQuant Growth Fund and the Fidelity Advisor TechnoQuant Growth Fund, left the company this month to form the new venture with Gregory Fraser.

The Fidelity spokesperson did not say what the new company would be and Krochuk and Fraser could not be reached.

John Chow, who joined Fidelity's Quantitative Equity Group in 1994, will manage the funds previously managed by Krochuk. Fraser, who managed Fidelity's Diversified International Fund and the Advisor Diversified International Fund, will be replaced by William Bower. Bower has managed the Fidelity International Growth & Income Fund since 1998.

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