Market timers succeeded in penetrating at least one institutional fund at Fidelity Investments, which has boasted a pristine record of defending individual shareholders by repulsing rapid trading activities, reports.

According to a report by, Michael Sassano, a broker at Oppenheimer , made frequent short-term trades of non-Fidelity funds through the discount supermarket king’s $106 billion institutional platform on behalf of his hedge fund clients. Fidelity’s institutional mutual fund platform is the hub of its investment advisory group, which caters to 2,100 institutional clients. An insider who is knows Sassano said Fidelity knew his plans to rapidly trade mutual funds when he joined their platform.

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