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Fidelity axes Asian fund

Fidelity International is to close its Asian aggressive fund later this year after failing to generate enough investor demand.

The fund, managed by David Urquhart, launched in February 2008 but has only grown to £7m in size. It is currently 71st out of 72 funds in the IMA Asia Pacific ex Japan sector for the past 12 months, having returned 17.1 per cent compared with an average return of 29.2 per cent.

The fund will close on November 27, with Urquhart continuing to manage his other funds. Fidelity is offering a free switch into the £1.3bn South-east Asia fund, which is top quartile in the same sector.

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