InvestmentsJun 17 2013

Anthony Bolton to retire in April 2014

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Anthony Bolton has confirmed his retirement from fund management on April 1 2014.

The star Fidelity fund manager has called time on a stellar career that saw him become one of the most successful equity fund managers of all time with the Fidelity Special Situations fund.

He had originally retired in 2007 but came out of retirement to launch the Fidelity China Special Situations investment trust.

When the trust launched in April 2010, he said he would manage it until April 2012 but later pushed that date back to April 2014.

He will be replaced on the trust by Dale Nicholls, who currently manages Fidelity’s offshore Pacific and Asian Smaller Companies funds, and the two will be working closely together until the handover.

After April 2014, he will continue as an adviser to Fidelity and a trustee of its charitable foundations.

A statement from Fidelity said the appointment of Mr Nicholls “reflects the wish of the board to continue with the current investment approach and strategy following the change of manager”.

The Fidelity China Special Situaions trust has underperformed since its high profile launch and has lost 13.8 per cent on a share price total return basis, compared with a 6.4 per cent drop in the MSCI China index for the same period.

The trust is currently trading on a 9.3 per cent discount to net asset value.