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97% of investors vote to split Fidelity special sits

Fidelity has received resounding backing to split its special situations fund in two.

A special meeting saw an unprecedented 88,000 or 36 per cent of unitholders take part in the voting process, with 97 per cent voting in favour of splitting the £6.5n fund in two. One fund will continue with the current mandate and the other will have a new global mandate.

Incumbent manager Anthony Bolton will run the UK mandate until the end of 2007 and the new global mandate until the end of 2006, when Jorma Korhonen will take over that half.

Chelsea Financial Services managing director Darius McDermott has called on Fidelity to name who will replace Bolton on the UK mandate and has put both funds on hold until it does.

He says Fidelity should repay the support it has got from advisers throughout the splitting process and name the replacement to remove uncertainty and enable advisers to make the call on whether to continue recommending the fund.

McDermott says: “We liked the way it was up front with the IFAs and dealt with the issue of the fund split and appointment of Jorma Korhonen and I would urge managing director Richard Wastcoat to follow a similar tack by naming Bolton’s replacement as soon after the fund splits as possible.”

Fidelity also got 97 per cent backing for the fund to take on the wider investment powers available under Ucits III. The split will go ahead on September 16, with dealing available in both funds from September 18.

Bolton says: “I am delighted by this overwhelming endorsement of the proposals for special situations. I will now work with Jorma Korhonen to ensure a smooth transition.”


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