Fidelity traders work full-time on gift probe defence

Fidelity Investments, the asset management firm at the centre of a US Securities and Exchange Commission probe into improper gift giving, has moved a number of traders into other roles to allow them to prepare a defence against SEC allegations.

A Fidelity spokeswoman said: "We are aware that certain traders have received Wells notices and need time to prepare to meet the Boston staff of the SEC.

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