Fidelity, T. Rowe Plan to Cut Wall Street Out of CEO Meetings
Wall Street is losing its lucrative spot as the middleman between money managers and corporate executives.
(Bloomberg) -- Wall Street is losing its lucrative spot as the middleman between money managers and corporate executives.
Fidelity Investments and T. Rowe Price Group Inc. are among investing firms that plan to independently arrange meetings with company executives, according to statements from the fund companies issued on Wednesday.
The gatherings will be set up without the help of bankers that have traditionally brought together fund analysts and chief executives -- and charged big money for doing so.
“Working with other firms that have an active management and fundamental research approach, we plan to partner on corporate access events and conferences that will provide a tailored research experience for our investors,” a spokesperson for T. Rowe said in a statement Wednesday.
Asset managers are also organizing a conference that will likely take place in Boston next year.
“We’re always looking for ways to enhance our deep, fundamental research capabilities for the benefit of our shareholders,” Charles Keller, a Fidelity spokesman, said Wednesday.
The Wall Street Journal reported earlier that Capital Group, Wellington Management and Norway’s government fund will partner with Fidelity and T.Rowe Price on this effort.
Representatives for Capital Group and Wellington declined to comment.
--With assistance from Michael McDonald.
To contact the reporter on this story: Elizabeth Rembert in New York at erembert@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Alan Mirabella, Vincent Bielski
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