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Fidelity gains multi momentum

Fidelity says its multi-manager range saw the second-highest sales in the sector in September showing that the fund firm has become a leading multi-manager player.

The company says the September inflows, as measured by Feri, show it is gaining momentum and its distribution fund, launched at the start of September is now its top-selling multi-manager portfolio.

Fidelity has £362m across its multi-manager growth, income, special situations and equity income funds as at November 20, but figures for the distribution fund are not yet available.

Director of multi-manager Simon Ellis says this growth comes from a standing start in October 2003.

He says: “Our funds under management are growing strongly but we do not have the distribution model in place to challenge Credit Suisse or Jupiter yet.”

Ellis says Fidelity is looking at making its multi-manager funds more widely available across Europe and notes there are no more UK launches in the pipeline.

He adds that Fidelity held around 10 per cent of its own funds across its whole multi-manager product range.

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