Fidelity’s Richard Skelt is to step back from running the group’s £817.9m Wealthbuilder and £512.6m Moneybuilder Global funds after taking on an investment strategist role.
Mr Skelt, who is sole manager on the mandates, will now become co-manager alongside James Bateman who is joining the funds. Mr Bateman was appointed as head of multi-manager and multi-asset portfolio management in January this year.
The funds, which both sit in the IMA Global sector, have produced second quartile returns in one year, according to FE Analytics.
However, the Moneybuilder Global is third quartile in three and five years while Wealthbuilder is second quartile in three and five years, the data provider added.
Mr Skelt will now mostly work with Fidelity’s investment solutions group with responsibility for asset allocation and product development.
As a result of the changes, Morningstar OBSR has moved the funds’ Bronze ratings to Under Review.
“Morningstar OBSR will meet with Mr Bateman in the coming weeks to discuss his plans for the funds,” the company said.
