EquitiesJul 3 2017

Fidelity rings changes on trio of funds

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Fidelity rings changes on trio of funds

Fidelity is to change managers on its China Consumer, Japan and Taiwan funds as Raymond Ma steps back and another manager retires.

Mr Ma will hand over management of the £90m UK-domiciled China Consumer fund to analyst Hyomi Jie on August 1, having run the product since launch in 2011. He will remain in charge of the £1.3bn offshore version, the Greater China Sicav and institutional mandates.

“Raymond has a growing book of business and is committed to these portfolios,” Fidelity told clients.

Ahead of this change, Mr Ma will hand over the Fidelity Taiwan fund to analyst Hyomi Jie on July 1. 

The final change will see Fidelity Japan manager Hiroyuki Ito retire after three years at the firm and 28 years in asset management. 

Management of the onshore and offshore Japan portfolios will transfer to Japan ROE Focus fund manager Takuya Furuta on September 1.

“Hiroyuki Ito has made the decision to retire from asset management at the end of August 2017. Hiroyuki’s deep knowledge of the Japanese equity market has been an asset to the investment team and we wish him the very best for the future,” Fidelity said in a note to clients. 

The Taiwan and China Consumer funds have outperformed their benchmarks over the past three years, but the Japan fund has struggled and sits fourth quartile versus peers over that time period, according to FE.