Fidelity International has hired Stephen Fulford, former European head of equity derivative flow sales at Dresdner Kleinwort Wasserstein, in a new role as head of derivatives for European funds. As first reported on DW's Web site, Fulford's role will be a broad one, encompassing derivative strategies for both equity and fixed income funds.
Fidelity already uses some option and swap strategies in certain funds and although it will be building on these, it has no plans at present to launch its own credit or equity structuring business in the mould of other asset managers such as Henderson Global Investors or Schroder Investment Management. Fulford said the firm will be using derivatives in a fairly mainstream manner. "It will be a slow, steady march," he said, quipping, "We will not start a volatility or correlation trading book."
Fulford left Dresdner last year in the wake of a reorganization which sparked a string of senior departures (DW, 9/9).