Fidelity Investments has named John Roth to succeed Neal Miller as manager of its $3.4bn (€2.7bn) new millennium fund and restructured its portfolio of sector funds.

Roth joined Fidelity in 1999 as an equity research analyst covering electric and gas utility companies. He managed the Fidelity select utilities growth portfolio from 1999 to 2002 and the select chemicals portfolio for the next two years. Since 2004 Roth has managed the Fidelity select consumer industries portfolio, the advisor consumer industries fund, and the VIP consumer industries portfolio.