InvestmentsAug 18 2015

Fidelity American manager Kaye to exit

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Fidelity American manager Kaye to exit

Peter Kaye, manager of the £955m Fidelity American fund, is leaving the group after less than three years.

Mr Kaye will pass management of the fund to Aditya Khowala on September 1.

A spokesperson from Fidelity said: “Peter Kaye will be leaving the company, by mutual consent, following a period of transition.

“Aditya runs our successful FF American Growth SICAV and will bring the same investment style to the onshore strategy that has delivered a top quartile return for investors over his tenure offshore.”

Mr Kaye joined Fidelity in February 2013 from Dalton Strategic Partnership. However, he has struggled to turn around performance on the American fund since taking over from Aris Vatis: the portfolio has underperformed both its benchmark and sector over the course of his tenure.

During Mr Kaye’s time as manager the fund returned 40.5 per cent, while the IA North America sector returned 43.5 per cent and the S&P 500 returned 45.6 per cent, according to data from FE Analytics.