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Fidelity to split special situations fund

Fidelity is to split Anthony Boltons 5.4bn special situations fund in two during the first half of 2006.

Bolton, manager of the fund since launch in 1979, will run both funds until the end of 2006, after that he will continue to manage one of the funds for a further year until the end of 2007 before moving to a new role in the investment division.

Fidelity is also increasing the current initial charge of 3.5 per cent to 5.25 per cent on new investments in special situations in order to slow the flow of new money into the fund. Additional revenues generated by the increase will be paid into the fund to benefit its 250,000 investors.

Hargreaves Lansdown senior investment analyst Meera Patel says: “Existing customers should sit tight but I would not recommend new investors put more money into the fund until we know more about how it is to be split and how the two new funds are to be managed. This will create a lot of confusion in the markets.”

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