Manager Changes - December 2007 Fidelity UK Funds
Fidelity have replaced the managers of both the UK Growth fund and UK Aggressive fund, Tom Ewing and Aruna Karunathilake respectively become the new managers of these funds. The UK Growth fund has a poor performance record with it under-performing the IMA UK All Companies sector more often than not. The UK Aggressive fund has a better performance record compared to the same sector with out-performance over 1 and 5 years. Neither Ewing nor Karunathilake have prior fund management experience, as Fidelity has again opted to promote from within their ranks rather than look outside the company.
New Star Fixed Interest
Theodora Zemek has resigned from New Star to join AXA Wealth Managers as Head of Global Fixed Income. Zemek was New Star’s Head of Fixed Income and the manager of the Fixed Interest fund. Responsibility of the Fixed Income fund will now fall to James Gledhill and Nick Hayes. Gledhill will also take over as Head of Fixed Income. Zemek was one of our preferred managers but so is Gledhill and although we are wary of manager changes, we are confident that Gledhill can maintain the above average performance of the Fixed Income fund.
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