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Less than £2m for Fidelity global focus fund

Fidelity&#39s global focus fund, which was launched to bolster the giant fund firm&#39s Isa campaign, has taken under £2m since it opened in a blaze of publicity last month.

In what is being seen as a sign of worsening investor sentiment, it is understood that the fund has raised just over £1.5m since launching on January 14 – far less than the £10m that Fidelity was believed to be expecting for the launch of the fund.

The lack of investor interest has come as little surprise to many IFAs, who warned before the launch that such a risky fund would not appeal to nervous investors. But, even so, some advisers have been taken aback by just how badly the fund has done, claiming that Fidelity may have spent more money marketing the fund than it has attracted.

Fidelity is not revealing its official figures until April as it only releases asset details every quarter. But it says the fund was conceived as a useful addition to its range rather than as a product to attract thousands of investors immediately.

Head of IFA business Stuart Holah says: “The fund sits very comfortably in our product range. Judge whether it has been a success in two years time.”

Plan Invest joint managing director Mike Owen says: “By Fidelity&#39s standards, this is pretty bad so god help the other fund managers.”

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