Fidelity fires two Hong Kong managers – Fidelity International has fired two veteran fund managers in Hong Kong for breaching its internal compliance code and putting “personal interests ahead of those of the company”. Industry sources believe that the two managers – Kevin Chang and Wilson Wong – had been operating personal trading accounts in violation of company policy. Fidelity declined to confirm or deny this. The two managers, who ran 14 funds with a total of $7.4bn in clients’ money, were suspended by Fidelity in January. Both had worked at the company for more than a decade.

“Our routine checks discovered a pattern of behaviour that breached our internal policies,” said Megan Aitken for Fidelity Intl in Hong Kong. She confirmed that any behaviour, including personal investing, that puts the interest of an employee before that of Fidelity would breach its internal policies. “We expect the highest ethical standards from all of our portfolio managers and in this case, these were simply not met,” she said.

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