Change at Magellan's helm not enough to sway advisers; Lange may be good, they concede, but fund remains too unwieldy.(News)

Investment News, November, 2005

Byline: David Hoffman NEW YORK - Fidelity Investments' decision last week to put a new manager in charge of its flagship Magellan Fund, the mutual fund industry's best-known fallen angel, isn't scoring points with many financial advisers. At $50.6 billion in assets, a mere shadow of its former self, Magellan remains too big to get out of its own way, those advisers say.

Regardless of who is calling the shots, Magellan's chances of ever again trouncing its benchmark, the Standard & Poor's 500 stock index, are slim to none, they add. "It's like riding an elephant,'' said Vern Hayden, president of Hayden Financial Group LLC of Westport, Conn. "You have to go where the elephant goes.'' Last week, Fidelity announced the retirement of Magellan...