Fidelity head of IFA channel Peter Hicks believes the firm has now made all the changes needed to rejuvenate its flagship UK range.
Hicks acknowledges that Fidelity’s performance across the offering has been sub-standard, particularly in 2006, but says the company is pleased with the turn-round that has been made.
He says: “We knew that the returns from the UK range were unacceptable for a house like Fidelity but, without tempting fate, we feel we have made all the changes and that returns have started to bear fruit.”
Fidelity has made numerous changes to its funds in the past year, including the appointment of Sanjeev Shah to replace Anthony Bolton on the £2.7bn special situations fund.
Other changes to the range include Mark Hodges being replaced by Aruna Karunathilake on the UK aggressive fund and Tom Ewing taking over from Carlos Moreno on the UK growth fund.
Hicks says: “It has only been six months for these two but they are both top quartile, not just over that time but over one and three-month periods as well.”
Fidelity’s most recent change saw John Stavis go on a six-month sabbatical from July 1 with management of the income plus fund passing to Michael Clark,while growth and income and the UK equity portion of moneybuilder balanced will pass to Matt Siddle.
Hargreaves Lansdown investment manager Ben Yearsley says: “I would say it is rejuvenating rather than rejuvenated as it is still early days. Fidelity has a massive range with a number of high-profile funds and it has not performed. It is turning in their favour but it needs more time.”