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Tim McCarron to step down from Fidelity European values trust

Fidelity stalwart Tim McCarron is stepping down as manager of the £855m European values fund passing on the management of the vehicle to portfolio manager Sudipto Banerji.

McCarron, who took over the investment trust from Anthony Bolton back in November 2001, will co-manage the vehicle with Banerji from April 2008 before passing over full responsibility for the trust in June.

The European values trust has been a strong performer under McCarron having returned 54.5 per cent in the past three years. He will continue to run the £4.8bn European fund.

Banerji has previous experience of working with McCarron on the European equity desk, having started as a research analyst covering European retail and banking stocks. Latterly he has been manager of the firms global industrials fund which he took on back in June 2005.

Fidelity International president of UK and international business Simon Fraser says: “As the assets of FEV and other Fidelity mandates continue to grow, we need to ensure that the Company is able to exploit one of the key benefits of its closed-ended structure – its ability to take advantage of a stable portfolio, unhindered by cash-flows – to invest opportunistically across the capitalisation scale.

“Tim McCarron now manages assets of almost £4.8 billion in addition to Fidelity European values and, while this has not constrained investment policy to date, we believe that there are advantages for the future in appointing a new portfolio manager with a smaller size of overall assets, who can fully exploit some of the advantages of the Company’s structure.”

Chelsea Financial Services managing director Darius McDermott says: “I believe this is a good move for Fidelity as McCarron is somewhat restrained in picking smaller opportunities thanks to the nature of his bigger fund. This change will allow them to exploit smaller-illiquid stocks to a greater degree.”


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