Fidelity is changing the lead manager of its emerging markets fund, with Nick Price replacing Bob von Rekowsky.
Price will take over the running of the £352m fund on July 1, with Boston-based Von Rekowsky focusing on managing his existing institutional emerging market equity mandates.
Since taking on the emerging markets fund on December 31, 2003, Von Rekowsky has had a mixed performance. The fund is currently 24th out of 25 in the Investment Management Association’s global emerging markets sector over three years, having returned 0.6 per cent against the sector average of 15.7 per cent.
Price has spent the last 11 years at Fidelity and has managed internal emerging Europe, Middle East and Africa assets since 2005. He joined the company as an analyst before becoming assistant portfolio manager on the FF European growth fund in September 2004.
The 11-strong emerging markets team currently includes four portfolio managers, an assistant manager and six analysts.