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Fidelity wealthbuilder to be converted to Nurs fund

Fidelity Worldwide Investment is converting its £904m wealthbuilder fund to a non-Ucits retail scheme structure.

Currently a Ucits fund, the wealthbuilder fund will become a sub-fund of the Fidelity investment funds IV Oeic on June 29.

Fidelity is converting the fund to a Nurs structure to allow manager Richard Skelt greater flexibility in his investment approach, enabling him to invest in a wider range of investment funds, as well as derivatives.

“The Oeic structure is common to our more recently launched funds, so the new-look wealthbuilder fund will run and be operated in a similar way to these funds that include the multi asset and the multimanager range,” a Fidelity spokesperson says.

“The timing is appropriate to make this change as we approach RDR when there will be a need for a variety of share classes,” the spokesperson adds.

Over one year to May 24, the fund is down 8 per cent against the 8.7 per cent fall in the IMA global sector, according to Morningstar.

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