Charles Stein, Laura Colby and Miles Weiss, Bloomberg, October 24, 2017

Fidelity Investments’ Abigail Johnson took center stage on Tuesday and counseled money managers gathering in Washington about charting their future in the digital world. But the chief executive, a featured speaker at one of the industry’s biggest conferences, is also struggling with a stubborn legacy of the past: the treatment of women in the world of finance.

Over the last two months, Fidelity, one of the largest investment companies, has dismissed two portfolio managers — one over allegations of inappropriate sexual comments and another over claims of sexually harassing a female junior employee.

Fidelity and other money managers may face a flood of complaints “now that the lid is off,” said Davia Temin, president and CEO of Temin & Co., a New York based crisis-management company.

Going forward, Johnson has to continue to “set the tone” that the organization will take every case that comes to light seriously and emphasize there’s also a business case for doing so, said Temin. While Fidelity is a closely held company without public shareholders, its customer base cares about these issues, she said. Some public pension funds already demand that women be included on teams that manage their money. […read more]