Morningstar OBSR puts Fidelity fund on hold
Rating agency places fund under review due to planned merger.
Fidelity’s Portfolio fund is to merge into its Multi Asset Growth fund run by Trevor Greetham prompting Morningstar OBSR to place the fund’s Bronze rating under review.
The group said the £133.5m Portfolio fund, run by Rita Grewal, is being changed to an Oeic from a unit trust and will merge into Mr Greetham’s Multi Asset Growth fund in November, subject to shareholder approval.
The move comes after Fidelity announced it is planning to merge Ms Grewal’s £261m Flexible Managed fund into a new Multi Asset Adventurous fund, which will also be run by Mr Greetham and sit alongside the existing funds in the multi-asset range - Growth, Strategic and Defensive.