Fidelity to unveil Bolton successor
INVESTORS in the Fidelity Special Situations, the UK's largest retail investment fund, will have to wait until June to find out the identity of Anthony Bolton's first successor.
The £6.5bn fund is being split in two in September, with the successor taking over one half of the fund in January 2007.
Bolton, who has managed the fund since its inception in 1979 and is widely regarded as the UK's top fund manager, will continue to run the second half until he relinquishes control at the end of 2007.
He will then take on a role 'mentoring and developing' Fidelity's growing investment management team.
Shareholders in the fund will be sent out voting packs in mid-June that will also outline the investment objectives of the two funds, in addition to which half Bolton will manage during his final year. One half will be run along similar lines to the existing fund, while the second will be given a wider, global remit.
The Special Situations fund has become a victim of its own success, with Bolton admitting it is becoming increasingly difficult to find suitable investments. It has over 250,000 investors and £1,000 invested in 1979 would be worth over £100,000 today.
Fidelity UK managing director Richard Wastcoat said: 'We believe that this innovative approach will not only accommodate future growth trends, but also open up some exciting new investment options.
'Above all, the proposals should allow investors to tap into the heart of 'special situations' investing – finding those unloved or unappreciated companies whose valuations have yet to reflect their true worth.'
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