Fidelity is launching a multi-manager portfolio of special situations funds in an effort to stave off competition following the effective closure of its own fund run by Anthony Bolton.
The firm says the launch on January 16 meets advisers needs in assessing the broad range of funds marketed under the special situations, opportunities or dynamic banners. It will be run by Chris Ralph and Richard Skelt and is expected to include just six underlying funds at launch, aiming for aggressive total returns by investing mainly in unconstrained UK funds.
The firm is simultaneously launching a concentrated equity income portfolio holding just six funds at launch, saying IFAs are demanding more aggressive products in multi-manager structures to sell as core offerings to their clients.
It has also launched its global property fund investing in Reits, first announced at the end of last year.
Fidelity UK managing director Richard Wastcoat says: “IFAs tell us that they want more aggressive multi-manager funds to complement their core portfolios. We hope that these two new, high-octane funds in two of the most popular sectors will meet this need.”