Fidelity has launched three new funds, one a special situations vehicle aimed at easing the dilemma caused to investors by star fund manager Anthony Bolton’s plans to retire.
The Fidelity MultiManager Special Situations Portfolio will invest in six of the best aggressively run funds it can find from rival fund management groups. The selected funds – chosen by Richard Skelt’s multi-manager team – will all operate a high conviction, high return philosophy similar to Bolton’s Fidelity Special Situations fund.
The new fund fills a gap in Fidelity’s range ahead of the forthcoming ISA season, which some predict could be the best for a long time. Fidelity Special Situations has been the firm’s best-selling fund for years based on the stunning long-term record of Bolton, who is AAA rated by Citywire for his performance. That changed last September when the group hiked the Fidelity Special Situations Acc fund’s charges and announced plans to split the 5.8 billion pound fund over fears that it was growing too big. Bolton will manage half of the fund into 2007 on its original special situations remit but will step down completely at the end of that year.
