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Fidelity moves in young guns to run funds

Fidelity is making a number of changes to its equity portfolio management teams in what it says is a development drive for its younger managers.

Mark Hodges moves on to his first retail fund portfolio after 10 years running institutional equities while Sanjeev Shah is picking up one of the firm’s biggest pan-European equities funds.

Shah has managed the £264m Fidelity UK aggressive fund since October 2002 and takes control of the Luxemburg-domiciled £1.24bn European aggressive fund with immediate effect. He takes over from former manager David Bavarez who is leaving.

Hodges takes over the UK aggressive fund from Shah after running UK equity portfolios for institutional clients for the past three years.

Fidelity says it is too early to say if there will be changes to the fund under the new manager and would not comment on the possibility of Shah stepping in after Anthony Bolton’s departure as special sits manager at the end of 2006.

Alexander Scurlock takes over the active strategy Europe fund, a hybrid fund which allows a manager to make limited use of short-selling to reinforce his stock convictions, succeeding Bavarez on the £544m Luxemburg-domiciled Euro blue-chip fund.

Chief investment officer Simon Fraser says: “There is no room for complacency, which is why we have a long-standing programme to ensure the development of our pool of


A single-minded approach

Like the rest of the world, I watched in horror as news of the London bombings unfolded on July 7.

Lenders start to cut rates

Mortgage rates have been cut by two major high street lenders following the 0.25 per cent fall in bank base rate. Alliance & Leicester and Nationwide are cutting rates on a selection of mortgages. A&L is reducing its standard variable mortgage rate by 0.25 per cent to 6.59 per cent, equivalent to a 7 per […]

1St buys back Misys’ share of business

1st, the technology provider for 11,000 advisers, has bought back the 28.6 per cent share of its business owned by Misys for an undisclosed fee. The deal continues Misys’ retreat from the IFA arena after last month’s provider buyback of the company’s 60 per cent stake in Assureweb and the appointment of Lexicon Partners to […]

Picking with-profits winners

It must be remembered that, like stockmarkets, with-profits goes in cycles. I believe that investments in the right with-profits bonds – those with a high proportion of their underlying investments in equities and commercial property – will do well over the next few years, especially where the provider has a high, realistic free-asset ratio and good investment management.


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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