Mutual fund group Fidelity Investments said on Tuesday it has suspended two portfolio managers in Hong Kong for a possible breach of ethics codes.
In an emailed statement from Fidelity spokeswoman Megan Aitken, the company said the funds managed by the two portfolio managers had been reassigned to other managers in the Asia-Pacific investment team.
Fidelity was conducting an independent investigation, according to the statement.
A spokesman for Fidelity International Ltd in London, the affiliate that employed the two managers, said via email that there had been no indication of criminal misconduct.
The possible ethics break "came to light as part of our routine checks," the spokesman said. "We have a thorough audit process."
An article by AsiaInvestor published on Tuesday said the suspended portfolio managers are Kevin Chang and Wilson Wong, both veterans of Fidelity International. Fidelity International is an affiliate of Boston-based Fidelity Investments, the world's biggest mutual fund firm.
A source with knowledge of the matter confirmed Chang and Wong were the suspended managers. The source would not be named due to the sensitivity of the matter.
The AsiaInvestor article said Chang was responsible for Fidelity's South East Asia Fund and also ran several institutional portfolios. Wong was a portfolio manager on one of the retail Greater China strategies, according to the article.
Chang and Wong could not immediately be reached for comment.
(Reporting by Michael Flaherty; additional reporting by Ross Kerber in Boston; Editing by Chris Lewis, Lincoln Feast and Bernard Orr)