Threadneedle head of global equities Jeremy Podger is set to replace Jorma Korhonen as manager of the £1.5bn Fidelity global special situations fund.
Podger will join Fidelity in March from Threadneedle, where he managed the global select and global extended alpha funds. He will report to Fidelity global chief investment officer for equities Dominic Rossi and will work closely with recently appointed head of global equities Richard Lewis.
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 fallen by just 6 per cent.
The Threadneedle global select fund will be managed by new head of global equities William Davies. New appointment Neil Robson will take over the Threadneedle global extended alpha fund.
Chelsea Financial Services managing director Darius McDermott welcomes Podger’s appointment. He says: “Jorma Korhonen has underperformed and the global special situations fund has made disappointing returns for investors. He had a good couple of years but you have to look for consistent performance and his cumulative performance has not been good. Podger’s performance at Threadneedle looks decent.”