Fidelity Changes Bond Fund Managers

Fidelity Investments, the nation’s largest mutual fund company, named new portfolio managers for 21 of its 59 bond funds last week.

The announcements were made Thursday by Fred J. Henning Jr., who has been head of Fidelity’s bond mutual fund department for only three months.

Henning, who has vowed to make the funds in the $25 billion group more predictable and less risky, also outlined a new management structure.

Anne Punzak, whose management of the Fidelity Aggressive Tax-Free fund since 1985 garnered a five-star rating, the highest possible from Morningstar Inc., was named director of tax-exempt fixed-income research, a new position.

Mark Rzepczynski, a senior analyst, will become director of taxable-bond research. The two positions previously were consolidated under Robert Tuckett, who moved from head of fixed-income research to a corporate management position at FMR Corp., Fidelity’s parent.

The research directors will report, respectively, to Boyce I. Greer, who was named acting head of tax-exempt funds, and Dwight Churchill, who continues as head of the taxable-funds group. Greer replaces Gary Swayze, who is on leave from Fidelity.

Among the new managers, Christine J. Thompson will take over the Intermediate Bond fund, Fidelity’s largest bond portfolio, with $2.6 billion in assets.

Thompson previously managed the bond portions of the Fidelity Balanced and Puritan funds. Michael Gray, who managed the Intermediate Bond portfolio since 1987, will continue to manage the company’s investment-grade funds.