Ex-Fidelity managers team up for launch


David Glancy, star portfolio manager at Fidelity, has broken out of traditional money management. He will join up with Richard Barrett, who has also quit Fidelity where he was head of high-yield bond research. The pair will set up a fixed-income hedge fund vehicle this fall, playing to their speciality of picking companies that issue high-yield debt or junk bonds.

Glancy was one of Fidelity's brightest stars, running around $5 billion in three mutual fund vehicles: the Leveraged Company Stock fund, up 54.9% this year; Fidelity Capital & Income ($3.9 billion), which is up 28.1% this year; and the