As a result of the departure of three of its key small-cap portfolio managers and the promotion of one of them, Henry Lange, to run its flagship Magellan Fund, Fidelity has reassigned a number of its small-cap skippers. And this has some industry insiders a little concerned about the disruption to the funds and the short track records of their replacements, many of whom were previously analysts.


Kathy Lieberman left the firm this month, and Forrest St. Clair left in April. Paul Antico had been out on a six-month leave, but has just recently returned. Lange was promoted off the team in October.

"To see this much turnover is troubling in some respects," said Greg Carlson, an analyst with Morningstar. "In the meantime, you're left with a number of fund managers with limited track records."

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