Fidelity’s Richard Skelt has become co-manager of two of his funds in order to take on the role of investment strategist.
The £884m Fidelity Wealthbuilder fund and the £519m Fidelity Moneybuilder Global fund are now helmed by lead manager James Bateman, with Skelt as co-manager.
Skelt’s new role as investment strategist will see him concentrate on the Fidelity Investment Solutions group, responsible for areas such as asset allocation, testing of new strategies, developing intellectual property and ”general thought leadership” in the solutions space.
Bateman joined Fidelity in 2012, having previously worked at Barclays Wealth and Northern Trust Global Investments. He leads the global manager research and portfolio management capabilities.
Skelt has been at Fidelity over 20 years and is the founder of the Fidelity Investment Solutions.
Morningstar OBSR has placed the Fidelity Wealthbuilder and the Fidelity Moneybuilder Global funds “under review” from a bronze rating due to the management changes.
The ratings agency says it will meet with Bateman in the coming weeks to discuss his plans for the funds.