The Luxemburg-domiciled fund will invest in 80 to 120 stocks with heavy weightings in China, India and Asean countries excluding Singapore. Chanpongsang can invest up to 30 per cent in the frontier markets of Bangladesh, Pakistan, Sri Lanka, Vietnam and other emerging economies.
The fund’s benchmark is the Custom MSCI Emerging Asia composite index.
Chanpongsang has worked at Fidelity for 14 years and is based in Hong Kong.
He believes that the region has greater potential than developed markets due to faster economic growth, favourable demographics, rising investment in fixed assets and expanding domestic consumption.
He will invest directly in stocks listed in emerging countries or in companies in the region that have exposure to countries such as Vietnam where he sees locally listed stocks as being at high valuations.
Fidelity is keen to build on its Asian offering this year and has already launched an Asian aggressive fund for David Urquhart.
Chelsea Financial Services managing director Darius McDermott says: “Asia is a fast growing market and in this climate it makes sense for Fidelity to make use of its teams and build on that offering.”