Fidelity is losing another top fund manager to the hedge fund world. Fergus Shiel, manager of the Fidelity Fifty Fund for less than a year, said he is forming Round Tower along with Matt Greck, the former manager of Fidelity Select Electronics and a Fidelity trader.

Shiel had replaced John Muresianu last summer. Muresianu had also left to start a hedge fund (Lyceum Partners). Shiel also managed the VIP Dynamic Capital Appreciation Portfolio.

Fidelity officials said that Jason Weiner, who now manages the $3.9 billion Independence fund, will take over the $714 million Fidelity Fifty fund. John R. Porter will take over the VIP Dynamic Capital Appreciation Portfolio and continue to manage the Fidelity Advisor Dynamic Capital Appreciation Fund.  

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