James Lowell, a former writer for Fidelity-owned publications who now publishes Fidelity Investor, a newsletter that tracks the company, said the big fund companies obviously "had to spend a few hundred million dollars to get online."

"These are all aggressive-growth funds," said David W. Pittelli, senior analyst at Fidelity Investor, a newsletter.

"Climbing out of the '90 recession, he was tremendous," said James Lowell, editor of Fidelity Investor, an independent newsletter that tracks Fidelity funds.

And the competition has become fiercer: Just this January, Phillips Publishing Inc. started another one, The Fidelity Investor.

"Ned Johnson put Abby in charge of the area he sees leading to the company's future," said James Lowell, editor of the Fidelity Investor, a newsletter tracking the company's funds.

"The processing and administration business is the future trillion-dollar growth for the financial industry," Mr. Lowell of Fidelity Investor said.

Jim Lowell, editor of Fidelity Investor, an independent newsletter that tracks Fidelity, said, "Right through early 1995, his career was stellar."

P. 500, according to James H. Lowell III, editor of The Fidelity Investor, which tracks the company's funds.

Mr. Lowell of Fidelity Investor said he was optimistic that Mr. Lange could perform well despite Magellan's size.

"For years, there was a brain drain from Fidelity to hedge funds," said James H. Lowell III, editor of The Fidelity Investor, an independent newsletter.