Fidelity Special Situations fund manager Sanjeev Shah is to step down from fund management.
Shah will be replaced by Alex Wright on the £2.7bn portfolio after having been manager of the fund since 2008.
Wright is also portfolio manager of the Fidelity Special Values investment trust and co-manager of the Fidelity UK Smaller Companies fund alongside Jonathan Winton.
Fidelity says Shah will take on a new role within Fidelity’s PM Academy, focused on developing new investment talent.
Fidelity Global chief investment officer Dominic Rossi says: “We would like to take this opportunity to thank Sanjeev for the tremendous contribution he has made to the firm and our clients’
Hargreaves Lansdown head of investment research Mark Dampier comments: “Although it has been a bumpy ride, investors should be pleased with the results. While 2010 and 2011 were particularly difficult years for the fund; as its holdings in banks and other economically sensitive areas fell as the euro crisis worsened, we stuck with the fund and it remained on the Wealth 150 list.
”Sanjeev Shah faced criticism and it would have been easy for him to cave in and change his approach. However, he stuck to his guns, using share price falls to top-up his favoured holdings in unloved areas of the market, where he felt there was scope for a transformation in fortunes. This approach was vindicated and the fund recovered and has performed strongly since.”