Fidelity’s Thomas Fraenkel-Thonet is quitting the group’s European equity desk after 16 years and handing over his retail fund to rising star Matt Siddle.
The US-national is understood to be leaving Fidelity because he wants to relocate his family to America.
He is handing over his £464m Luxembourg-based Fidelity Funds European larger companies fund to Siddle, who has worked at the group since he started his career in 1999, on October 1.
He is also giving up an institutional mandate with £595m of assets under management, called the Fidelity Europe ex UK Oeic, as well as various segregated mandates.
Siddle is known to retail investors as he briefly ran three UK mandates – Fidelity Funds United Kingdom, Fidelity Growth & Income and the equity portion of Fidelity MoneyBuilder balanced.
However he gave up those obligations at the start of 2010 in favour of focusing on running European equity funds.
Morningstar analysts say Fraenkel-Thonet was one of the “most experienced and longest serving” managers on the desk.
They say: “So his departure is undoubtedly a loss to the firm.”