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Shiel rethink of Fidelity fund sparks concerns

The new manager of Fidelity&#39s £1.4bn American Fund Fergus Shiel, who replaced John Muresianu, is understood to be cutting holdings to between 100 and 150 from 400, fuelling IFA concerns about the changeover.

Shiel took over the fund last month after star manager Muresianu resigned and began altering its stock composition and style in a way that IFA Hargreaves Lansdown is unsure will add value under current conditions. One of its main concerns is Shiel&#39s intention to slash stocks in the fund.

It doubts whether Shiel can stand by his assertion that the fund will have a mid-cap bias as it believes most firms are fully valued, saying that he may well be forced to look further up the cap range to add any value.

Senior analyst Meera Patel says: “It would have been interesting to see what Fidelity&#39s other options were. I don&#39t know how much Shiel can add with his style.”

Fidelity senior portfolio strategist John Ross says: “Fergus wants to back stocks he has a conviction about. There will be a bias towards small and mid-cap stocks although the proportion of large caps could well increase.”


&#3915% of trusts set to pay out nothing&#39

One-third of split-cap investment trusts stand to lose everything or offer only minimal returns, AITC director general Daniel Godfrey told the Treasury select committee last week.Testifying before the committee on the same day as Aberdeen chief executive Martin Gilbert and FSA managing director John Tiner, Godfrey estimated that as many as 20 out of 136 […]

Scepticism on review&#39s goals – Chartwell

Chartwell Investment Management is sceptical about whether the Sandler review will achieve its goals of empowering consumers and encouraging people on low incomes to save.It says standardised products sold without advice overlook the fact that investors have diverse objectives and risk profiles and are more likely to attract sophisticated investors than low-income consumers with limited […]

Chef serves up hot potato

Norwich Union had cause to reach for the Rennies after treating journalists to a meal at Antony Worrall Thompson&#39s exclusive West London restaurant Notting Grill.First, the doyen of TV chefs disclosed to the assembled diners that his pension was with rival provider Scottish Equitable.Then, ominously, after a couple of beers, he also announced that he […]

&#39Pensions Act to stop another Maxwell&#39

Scrapping all pension legislation and replacing it with a single simplified Pensions Act will reduce the chance of the industry being hit by another Maxwell-type scandal, according to Pickering.Calling for a proportionate regulatory framework, Pickering indicated that he sees today&#39s procedures for regulating pensions as too expensive to adviser, providers and ultimately consumers.Pickering says he […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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