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Longtime Fidelity Mutual Fund Manager Announces Retirement
At the end of August, Fidelity announced that prolific fund manager Mark Sommer plans to retire at the end of the year, capping a 26-year tenure at the Boston fund giant. Sommer, a municipal bond specialist, currently oversees 21 Fidelity mutual funds, accounting for a combined $29.5 billion in assets. He shares management duties on all 21 funds with Kevin Ramundo and Cormac Cullen. The list includes 12 state municipal bond funds, among them California Municipal Income, Massachusetts Municipal Income and New York Municipal Income. He also works on four target-maturity municipal bond funds. The largest fund under Sommer’s co-direction is the $6.3 billion Intermediate Municipal Income fund. The trio of managers each brings a different approach to the table for their investment approach. Sommer’s background is in quantitative management, placing a heavy reliance on mathematical modeling, while Ramundo has a credit-quality focus…