Fidelity Worldwide Investment is to add an Asia fund to its Fidelity Active Strategy fund range, Money Marketing understands.
The firm currently has six funds in the Fast range. These are an emerging markets fund, Europe fund, European opportunities, Japan fund, Optimised European market neutral fund and UK fund.
It is understood that the fund will aim to outperform the MSCI Asia Pacific index and uses some leverage and shorting to reduce volatility. It is also understood it will be managed by Suranjan Mukherjee.
He is based in Singapore and has run the Fidelity Funds Asian Special Situations fund since July this year.
A spokeswoman for Fidelity Worldwide Investment says: “We run many pilots in a range of disciplines/geographies at any one time. I can confirm we are currently running a pilot for FAST Asia but I am unable to provide any further details at this time.”
It is understood that the pilot has been running for about a year.
Fidelity Worldwide Investment has also added to its Moneybuilder range with the launch a US index fund. It will track the S&P 500 index and joins Fidelity’s other Moneybuilder funds, including the Balanced, Dividend, Global, Growth, Income and UK Index funds. The fund will be available for an estimated total expense ratio of 0.3 per cent with no initial charge at launch.