Fidelity European fund manager Tim McCarron is to leave the firm after 16 years.
McCarron is taking a break from the industry early next year, with management of the £3.5bn European fund set to pass to Sam Morse, who manages the moneybuilder growth fund.
Morse will take over on the fund from January 1, with McCarron staying until the middle of the first quarter to ensure a smooth transition. James Griffin will succeed Morse as the manager of the moneybuilder growth fund from January 1.
McCarron joined Fidelity as a research analyst in 1993. He took on the management of the Fidelity income plus fund in 1996 before replacing Anthony Bolton as manager of the European fund in January 2003. The European fund is third quartile in the IMA European ex UK sector over three years, having fallen by 3.2 per cent compared with an average rise of 1.1 per cent for the sector at November 23.
Fidelity International head of UK retail sales Peter Hicks says: “Sam is a highly accomplished portfolio manager with a style that is well suited to the management of Fidelity European fund. I am confident that he will continue to build on the good long-term track record that Tim has attained.”
Chelsea Financial Services managing director Darius McDermott says: “Fidelity have a good track record at fund manager handovers and Sam Morse has a good track record on his UK moneybuilder growth fund. Moneybuilder growth is first quartile since he took over in 2006. He has some experience of European stocks and has met over half the companies in the European fund. He has a similar Garp (growth at reasonable price) style to Tim but running a fund in excess of £3.5bn will be a challenge.”