Managers come and go, but gone are heyday of the star managers, writes Chuck Jaffe, who harkens back to the days of Peter Lynch at the helm of the Fidelity Magellan fund.

According to Jaffe, the "kindest thing" that Fidelity [see profile] could do for Magellan shareholders is to fold the Fidelity Magellan fund "into something good" after the departure of PM Harry Lange, rather than passing it to another PM, Jeff Feingold, as it has done.

"The bigger point is that virtually no manager’s departure today would make headlines," according to Jaffe. "Yes, Pimco’s Bill Gross will make news someday when he calls it quits, and a few others will cause a stir or a buzz, but the heyday of the 'star manager' appears over." 

Edited by: Hung Tran


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