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Fidelity hands out free shares after error

Investors in two Fidelity multi-manager funds have been given additional shares after a pricing error was discovered.

Shareholders in the growth and income portfolios have been told that the pricing of the funds was wrong and that Fidelity has to reduce the share values in return for an increased allocation. Both funds invest in Oeics and unit trusts. The error was discovered after a routine year-end audit revealed a discrepancy in pricing of units due to a technical error.

Around 8,000 investors have been given additional shares at no cost, offsetting pricing revisions.

IFAs say they had simply been handed a notice from Fidelity notifying them of the pricing change.

Hargreaves Lansdown investment manager Ben Yearsley says the pricing of multi-manager funds does open the doorway for occasional discrepancies. He says: “As long as no one is left out of pocket, it is hard to see what harm is being done.”

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