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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

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