Jeremy Podger will replace Jorma Korhonen as the manager of £1.5bn Fidelity Global Special Situations fund.
The manager will report to Dominic Rossi, global chief investment officer for equities at Fidelity, and work closely with Richard Lewis, its recently-appointed head of global equities.
Rossi says: “The combination of Richard and Jeremy with our existing strong team creates an exceptionally talented and revitalised group in an area where we have strong ambitions to grow assets.”
The Fidelity Global Special Situations fund has underperformed since its launch in September 2006, losing 1 per cent compared with the 16.5 per cent gains in the benchmark MSCI World index.
Although Korhonen has outperformed over three years, the fund has lost 14.5 per cent in the year to date while the benchmark has gone down just 6 per cent.
Podger’s Threadneedle Global Select fund now be managed by William Davies, the asset manager’s new head of global equities. New hire Neil Robson will take over the Threadneedle Global Extended Alpha fund.