Fidelity Investments has fired fund manager Gavin Baker after a female coworker accused him of sexual harassment, The Wall Street Journal reported, citing "an attorney for the woman and other people familiar with the matter."
Baker managed the Fidelity OTC Portfolio, which returned 21.3% annually over the last five years, compared with 14.7% for the S&P 500 during that time. He is a known figure in Silicon Valley and in the asset management industry, according to the report.
Other female employees have also accused Baker of sexual misconduct, and the employee in question is currently on leave. Fidelity is now reviewing the culture within its stock-picking unit, sources told the newspaper. Fidelity Investments President and CEO Abigail Johnson fired Baker after the employee filed a complaint, according to the report.
A spokesman for Baker has disputed the story, telling the Wall Street Journal that he left on good terms and will start his new job later in October.
"We don’t comment on current or former employees; however, speaking generally, I would note that when allegations of these sorts arise, we investigate them immediately and take prompt and appropriate action," a spokesman for Fidelity Investments said in an emailed statement to S&P Global Market Intelligence.