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Fidelity to merge two multi-manager funds

Fidelity Worldwide Investments is to merge the £3m Fidelity MultiManager Balanced Portfolio and £106m Fidelity MultiManager Income Portfolio funds.

The asset manager decided to merge the Balanced Portfolio into the Income Portfolio due to its smaller size and higher total expense ratio of 2.17 per cent, compared to the Income Portfolio’s 2.1 per cent.

The combined fund will be renamed the MultiManager Balanced Portfolio to reflect the change.

It will be managed by current Balanced Portfolio and Income Portfolio manager Eugene Philalithis, with Ayesha Akbar who co-manages the Balanced fund.

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 decisions in relation to the benchmark.

The merger is subject to shareholder and regulator approval.

The Fidelity MultiManager Balanced Portfolio is currently second quartile in the Investment Management Association Mixed Investments 40-85% shares sector over three years having returned 18.1 per cent compared to the sector average of 18.2 per cent. The Fidelity MultiManager Income Portfolio is second quartile in the IMA Mixed Investments 20-60% shares sector over three years having returned 19.1 per cent compared to the sector average of 16.3 per cent.

Chelsea Financial Services managing director Darius McDermott says: “There are too many funds in the industry at the moment so sensible mergers are always welcome.”


Retail banks may be banned from selling interest rate swaps

The Government is considering banning ring-fenced retail banks from selling derivative products such as interest rate swaps to consumers in light of recent misselling scandals. In June, Barclays, HSBC, Royal Bank of Scotland and Lloyds Banking Group all agreed to pay redress after the FSA found “serious failings” in the way interest rate swaps were […]


Avelo appoints new MD

Avelo has promoted sales and marketing director Simon Badley to managing director after Chris Noblet announced he is stepping down from the role. Noblet will become interim chief operating officer for at least six months to oversee Badley’s transition to the job. Badley has been with Avelo since November 2011. Prior to Avelo he was […]

Barry Horner appointed FPSB chair

Former Institute of Financial Planning president and Paradigm Norton chief executive Barry Horner has been appointed Financial Planning Standards Board 2014 chairperson. The news was announced at the FPSB council meeting hosted by the IFP today. Horner (pictured) will serve as chair of an FPSB advisory board during 2013 before assuming role of board chair […]

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