The 1.5bn Fidelity American fund is undergoing its third manager change in four and a half years.
Jason Weiner, who has been at the helm for the past three years, is moving across to Fidelity’s US operation, Fidelity Management and Research Corporation.
He will be replaced by Aris Vatis from February 1. Vatis joins the firm’s London-based global equity team in June after a 13-year stint at Pictet Asset Management.
Weiner took over from Fergus Shiel in April 2003, becoming the third manager of the fund in just 10 months. Shiel left the firm less than a year after succeeding legendary manager John Muresianu in June 2002.
Fidelity chief investment officer Michael Gordon says Weiner will work with Vatis over the next few weeks to ensure a smooth transition.
He says: “Aris brings a wealth of experience in running retail and institutional funds and will have the support of the global equity team as well as access to the ideas of Fidelity’s 800 analysts worldwide.”
Over the past three years under Weiner, Fidelity American has posted growth of 22 per cent compared with a sector average return of 18.2 per cent, according to Trustnet.
T Bailey fund of funds manager Jason Britton says: “Fidelity American made its reputation on the back of the stellar performance of John Muresianu who left in June 2002. Neither of the managers since has managed to recreate that performance. Indeed, since Muresianu’s departure, performance has been largely average. Now we will get to see how Aris Vatis, the fourth manager in five years, fares at the helm of this 1.5bn fund.”