Fidelity Investments has hired a consulting firm to review employee behavior amid allegations of sexual harassment at the US money manager stretching back years, the Wall Street Journal reported on Sunday.
Brian Hogan, president of Fidelity’s stock-picking division, held an emergency meeting on Monday afternoon with his staff to stress the company’s “zero-tolerance policy” for inappropriate workplace conduct, including sexual harassment, the Journal reported, citing people familiar with the meeting.
“Fidelity’s policies specifically prohibit harassment in any form,” spokesman Vincent Loporchio said in a statement on Sunday. “When allegations of these sorts are brought to our attention, we investigate them immediately and take prompt and appropriate action.”
Earlier this month, the Journal reported that Gavin Baker, a well-known stock picker at Fidelity, was fired for allegedly sexually harassing a junior female employee. Baker, through a spokesman, denied the allegations.
Privately held Fidelity is one of the world’s biggest investment managers, with more than 40,000 employees and about $2.5 trillion in assets under management. It is best known for its stable of actively managed mutual funds that include the $100-billion-plus Contrafund.