Equities  

Sanjeev Shah leaves fund management

The company removed the Special Situations fund’s Silver rating and changed it to Neutral.

Within Fidelity, the group also passed the £2.1bn UK-domiciled South East Asia fund to Teera Chanpongsang to give incumbent Allan Liu the chance to focus solely on the larger $4.7bn (£3bn) Luxembourg-domiciled version.

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Mr Chanpongsang, who also runs the group’s offshore Emerging Asia fund, has seen his India Focus fund passed to Tim Orchard.

Elsewhere, Allianz Global Investors said it would pass the management of the £356.5m Allianz Bric Stars fund to its San Diego-based emerging markets team led by Kunal Ghosh in October because Michael Konstantinov had left the company after 19 years.

The company had heavily promoted the Bric Stars fund, which reached £964m at the end of 2010 but steadily fell to its present level.

The manager did produce a positive return during his tenure of 31.8 per cent, however, this was below the MSCI Bric index benchmark’s gains of 54.6 per cent, according to FE Analytics.

Barings’ Agnes Deng, who managed the group’s $2.4bn Dublin-domiciled Hong Kong China fund, left the company and was replaced by Laura Luo who was hired from Schroders.

Ms Luo ran Schroders’ $876m ISF China Opportunities fund among other funds.

Schroders also hired a manager last week after bringing Mark Lacey onboard as a co-manager for its energy mandates.

Mr Lacey previously worked at Investec Asset Management before leaving in July last year to work for commodities trader Mercuria.