Toronto-based Fidelity Investments Canada ULC is reducing management fees on several Fidelity private investment program pools and mutual funds.

Effective Dec. 1, the following pools and funds will have reduced management fees:

> Fidelity Asset Allocation Private Pool
> Fidelity Asset Allocation Currency Neutral Private Pool
> Fidelity U.S. Growth and Income Private Pool
> Fidelity American High Yield Fund
> Fidelity American High Yield Currency Neutral Fund

In addition, there will also be management fee reductions on certain series under Fidelity preferred program for 51 other mutual funds.

Also effective as of Dec. 1, portfolio manager Patrice Quirion will replace César Hernández as portfolio manager of Fidelity Global Equity Investment Trust and Fidelity International Equity Investment Trust, the underlying funds to Fidelity Global Equity Private Pool and Fidelity International Equity Private Pool.

Quirion brings 12 years of experience to the role and is the existing portfolio manager of two additional Fidelity mutual funds. His investment philosophy is, “quality at a reasonable price,” the firm says.

“At Fidelity, we are constantly looking to improve our products and make them even more compelling for investors,” says Kelly Creelman, vice president of retail products and solutions, in a statement. “By reducing management fees across multiple mandates and assigning Patrice to these diversified pools, we believe our suite of products are better positioned to meet the needs of Canadian investors in a changing environment.”