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Fidelity to merge two multi-manager funds

Fidelity Worldwide Investments is to merge the Fidelity MultiManager Balanced Portfolio and Fidelity MultiManager Income Portfolio funds.

The £106m Fidelity MultiManager Income Portfolio fund will be renamed as the MultiManager Balanced Portfolio to reflect the change.

The asset manager decided to merge the £3m Fidelity MultiManager Balanced Portfolio due to its smaller size and higher total expense ratio, 2.17 per cent compared to the Income Portfolio’s 2.1 per cent. Both funds also sat in the same sector, the IMA Mixed Investment 40-85% shares.

The merged fund will be managed by Eugene Philalithis, with Ayesha Akbar, who managed the Balanced fund alongside her colleague, concentrating on the Fidelity MultiManager Growth Portfolio.

The merged fund will see its benchmark changed to that followed by Trevor Greetham’s Fidelity MultiAsset Strategic fund. The composite benchmark will be composed of a 50 per cent exposure to growth assets – such as equities, commodities and property – and 50 per cent to strong value assets, including bonds and cash. The manager will make asset allocation decision in relation to the benchmark.

The merger is subject to shareholder and regulator approval.

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  1. Is this another example of a fund manager trying to fudge mediocre performance? Or is it a sneaky way of increasing the charges?

    These funds are not in the same sector – the Fidelity MultiManager Income Portfolio is in the Mixed Investment 20-60% shares. This means that investors in this fund are going to find themselves in a higher risk category.

    Another fine mess you got me into, Stanley!

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