Fidelity names new CIO for $85 billion bond business

Steve Ellis will take over from Charles McKenzie as global CIO for fixed income at Fidelity International.

Fidelity International has promoted one of its senior portfolio managers to chief investment officer of its $85 billion fixed income business, ahead of the retirement of Charles McKenzie at the end of this year.

Steve Ellis will take over as global CIO for fixed income from 1 January 2019, relinquishing his portfolio management responsibilities and handing over to Paul Greer and Eric Wong, who are co-managers on his portfolios.

Ellis has more than 25 years’ experience working in investment management, across research and portfolio management. He first joined Fidelity in 2012 from Goldman Sachs, where he was formerly a portfolio manager for the bank’s asset management division.

Beginning his career as an emerging market debt portfolio manager, Fidelity International said that Ellis was instrumental in building the $6 billion franchise. In his new role, Ellis will report to Bart Grenier, global head of asset management.

“Our investment business has evolved considerably in recent years, diversifying across asset classes to respond to the changing needs of our clients in search of robust investment solutions,” Grenier commented.

“Central to this has been the growth of our fixed income franchise which has seen its range of capabilities, staff numbers and assets managed steadily rise. [Ellis’] appointment will help to accelerate further growth and reinforce our position as a leading global solutions provider.”

Fidelity’s bond business, consisting of 72 investment professionals including portfolio managers, credit and quant analysts and traders, currently manages $85 billion in asset for clients globally.

“Fidelity’s fixed income franchise has gone from strength-to-strength under Charles McKenzie’s leadership and I look forward to taking on this new opportunity as we move into the next stage of our growth plans,” Ellis also commented.