Fidelity has said Neil Madden’s European Value fund will be taken over by Panos Theofilopoulos after the manager decided to leave the group after 12 years.
Mr Madden ran the Luxembourg-based €158m (£126.3m) European Value fund from launch in August 2011 but this will now be taken over by Mr Theofilopoulos, who joined Fidelity as an analyst in 2005 before becoming a European equities fund manager in 2010.
The group said Mr Madden had left Fidelity “to pursue an MBA ahead of moving with his family to Australia”.
The fund had delivered 49.9 per cent since launch compared to the 60.7 per cent rise by the benchmark MSCI Europe index, in euro terms, according to data from FE Analytics.
“Much like Neil Madden, Panos is a fundamental stock picker with a valuation bias to his approach,” Fidelity said.
“Both managers run concentrated funds with high active money; they both favour large cap companies, and place a lot of emphasis on intrinsic value and downside risk. They are long-term investors and therefore their portfolios have low turnover (30-50 per cent).”