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Fidelity&#39s Bolton to step down from Euro fund

Fidelity star fund manager Anthony Bolton is to step down from managing the £2bn European fund amid speculation that he is winding down his responsibilities ahead of retiring within the next three years.

The move will leave him to concentrate on his UK responsibilities, where he still manages the special situations fund and the special values investment trust.

Bolton, 52, will be replaced by Tim McCarron, 39, who manages the European Values investment trust which he took over from Bolton in January.

McCarron will also continue to manage the income plus fund, Moneybuilder balanced and Moneybuilder growth.

The handover will be effective from January 1, 2003. Bolton will spend the extra time focusing on providing guidance to up and coming managers within Fidelity.

He will also be resigning from the offshore European growth fund, to be replaced by Graham Clapp, who has until now focused on institutional management.

Bolton says: “I intend to spend more of my time at Fidelity sharing my ideas and experience with our team of investment professionals and helping develop and mentor new talent.”

Hargreaves Lansdown head of research Mark Dampier says: “I think it is part and parcel of him retiring in a couple of years, I always thought he would retire when he hit 55 and he must be about 52 now. I believe this is the beginning of him winding down.”

Bates Investment Services senior investment adviser Kerry Nelson says: “As a company, we are not very concerned about the news. We will definitely not make any changes to our recommendations as a result.”

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