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Bolton: Poor performance keeping me at Fidelity China special sits

Anthony Bolton’s decision to remain at the helm of the Fidelity China special situations trust was influenced by the fund’s run of poor performance, the manager has told the Daily Telegraph.

Earlier today, the £517.9m trust confirmed that Bolton will be extending his minimum tenure by a further year to April 2014.

According to the most recent factsheet, the trust’s share price declined by 13.2 per cent from launch on April 19, 2010 to February 29 this year. Net asset value dropped by 11.2 per cent.

In comparison, the MSCI China Index benchmark fell by 3 per cent over the same period.

Speaking to the Telegraph, the manager says: “I’ve been disappointed and performance has been a factor in my decision.

“It has been the worst condition I have ever managed money in. Hong Kong had a terrible year and suffered more than most markets.”


Financial firms defend cash gifts to Parliamentary corporate group

M&G, Legal & General, Fidelity, and PricewaterhouseCoopers have defended their donations to an all-party Parliamentary corporate governance group. The APPG was formed in 2004 to “develop and enhance the understanding of corporate governance at Westminster and influence future policy making”. The group is wholly funded by donations and reports last week suggested the funding arrangements […]


Local government pensions schemes have deficit of £54bn, say TPA

Council pension schemes in the UK have a combined deficit of £54bn despite £1 in every £5 of Council Tax being spent on employer contributions, according to new research from the TaxPayers’ Alliance. A new report from the right leaning think tank claims the £54bn deficit in 2010-11 fell from £91bn in 2009-10 which it […]

23 Swip jobs go in equities’ shift

Scottish Widows Investment Partnership is cutting 23 roles as it moves to reposition its £54bn equities’ business. It is cutting its investment team of 38 to 15 managers as part of a move to focus on lower-risk strategies. Under the new model, there will no longer be a UK desk and a global team will […]

DAs lose the case for cash

Paul Thomas reports that lenders are rethinking their distribution strategies in light of the FSA’s new stance and directly authorised firms could suffer


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