Fidelity has acquired the £70m City Financial UK Opportunities fund and hired its manager Leigh Himsworth.
Mr Himsworth has managed the fund since 2011, during which time it has returned 54.5 per cent compared to the IMA UK All Companies sector average return of 46.9 per cent, according to the fund’s factsheet.
Fidelity’s global chief investment officer for equities, Dominic Rossi, said he hoped to attract new investors to the fund through “the combination of Mr Himsworth’s expertise and the substantial research capabilites of Fidelity.”
City Financial will maintain Mr Himsworth’s £10.6m UK Income Opportunities fund and it is unknown who will take over.
