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Tim McCarron to leave Fidelity

Fidelity European fund manager Tim McCarron is to leave the firm after 16 years.

McCarron is taking a break from the industry early next year with management of the £3.5bn fund set to pass to Sam Morse, who manages the moneybuilder growth fund. Morse will take over on the fund from January 1, 2010, with McCarron set to stay until the middle of Q1 to ensure a smooth transition.

James Griffin will succeed Morse as the manager of the moneybuilder growth fund from January 1.

McCarron joined Fidelity as a research analyst in 1993. He took on the management of the Fidelity income plus fund in 1996 before replacing Anthony Bolton as manager of the European fund in January 2003. The European fund is currently third quartile in the IMA European ex-UK sector over three years, having fallen 3.2 per cent compared to an average increase of 1.1 per cent for the sector.

His departure comes hot on the heels of Anthony Bolton’s surprise decision to return to direct fund management with a China offering.

Hargreaves Lansdown investment manager Ben Yearsley says: “This is obviously a disappointment for Fidelity given that they are losing another high profile manager. It has been a difficult couple of years for the fund but it has been an exceptionally difficult market. We have put the fund on hold for the time being.”

Fidelity International head of UK retail sales Peter Hicks says: “Sam is a highly accomplished portfolio manager with a style that is well suited to the management of Fidelity European Fund. I am confident that Sam will continue to build on the good long term track record that Tim has attained during his time managing the fund.”

Chelsea Financial Services managing director Darius McDermott says: “Fidelity have a good track record at fund manager handovers and Sam Morse has a good but steady track record on his UK moneybuilder growth fund. Moneybuilder growth fund is 1st quartile since he took over in 2006. He has some experience of european stocks and has met over half the companies in the European fund. He has a similar GARP style to Tim but running a fund in excess of 3.5billion will be a challenge.”

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