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Fidelity to stem flows in UK small cap fund

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Fidelity’s Alex Wright

Fidelity has confirmed it is set to soft close its £248m Fidelity UK Smaller Companies fund managed by Alex Wright on 15 April, Money Marketing’s sister title Fundweb, can reveal.

The £248m fund will be removed from all platforms, including FundsNetwork.

The £248m fund has returned 103.3 per cent in the past three years compared to an average return of 55.9 per cent for funds in the Investment Management Association UK Smaller Companies sector.

A Fidelity spokeswoman says: “Fidelity UK Smaller Companies fund has experienced strong interest from investors in recent months attracted by the strong performance achieved by portfolio manager Alex Wright since launch.”

She says: “Our priority is to protect the interests of existing customers. In order to ensure that the portfolio manager retains the flexibility to implement his investment strategy and is not constrained by liquidity, we are taking steps to slow flows into this fund.”

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