FidelityOct 1 2018

Fidelity heavyweight Spreadbury to retire

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Fidelity heavyweight Spreadbury to retire

Ian Spreadbury, fixed income portfolio manager at Fidelity, will retire after 40 years in the financial services sector and more than 30 years as a bond manager at the end of 2018.

Mr Spreadbury will hand over the reins to Sajiv Vaid, with whom he has co-managed the £3.6bn Fidelity MoneyBuilder Income fund for the past three years.

His retirement ends a 23-year association with the firm, during which time Mr Spreadbury built up the fixed income team from just two people to its current strength of 69 investment professionals.

Over this period the fixed income team has seen assets under management increase to £65bn, with the level of success down to the performance of the MoneyBuilder Income fund and diversification into other areas including emerging market debt and high yield, according to a spokesman for Fidelity.

Commenting on his retirement, Mr Spreadbury said: "I have managed real money for real people and it has been both a privilege and rewarding over my long career. I once said in an interview that the day you think you understand markets is the day you should retire.

"I am not sure I can say I fully understand markets, but having managed money for more than 30 years, of which many have been here at Fidelity, I have decided that now is the right time to retire from fund management."

John Clougherty, head of wholesale at Fidelity International, said: "Ian Spreadbury is one of the most experienced and highly respected bond managers in the industry. He has navigated his funds through the highs and lows of financial markets, delivering a consistent low risk approach to income investing.

"I would like to thank to Ian for his contribution to the success of Fidelity’s fixed income business and wish him all the best in his retirement."

Mr Spreadbury's impending retirement comes hot on the heels of other recent announced departures at Fidelity.

These include Pat Shea, head of the FundsNetwork platform, who will also retire at the end of the year.

Richard Parkin, head of pensions policy left the Fidelity in 2017 after 15 years following the birth of his son.

The transition from Mr Spreadbury's tenure as head of fixed income has taken more than three years, and according to a spokesman for Fidelity it was planned for well in advance.

Commenting on Mr Spreadbury's impending retirement Ryan Hughes, head of active portfolios at AJ Bell, said: "Spreadbury has proven to be one of the most consistent fixed interest managers in the market and his calm and considered approach has seen the fund become a firm favourite for users of the AJ Bell platform.

"With such strength and depth on the fixed interest team and a clear co-manager approach, I'm confident that Fidelity will manage the transition with aplomb and see little reason to change our view on both of these high quality fixed interest funds."

Referring to Mr Spreadbury as one of the "big beasts of the bond fund management world," Tilney's managing director of business development and communications Jason Hollands said: "News of Ian's retirement will come as no surprise to advisers and wealth managers, given the length of his service and incredibly long tenure on his funds.

"Fidelity have handled this well in my view, paving the way for an eventual, orderly succession, with the recruitment of Sajiv Vaid."

Mr Vaid, who will become lead manager on the Fidelity MoneyBuilder Income and Fidelity Extra Income funds, joined the firm from Royal London Asset Management, where he managed several flagship fixed income funds.

Mr Vaid brings more than 20 years of experience in investments and will be supported by Kristian Atkinson as co-manager on the MoneyBuilder Income and Short Dated Corporate Bond funds.

Peter Khan will co-manage the Fidelity Extra Income Fund.

Responsibility for the Fidelity Stratigic Bond and Fidelity Flexible Bond Funds will fall to Tim Foster and Claudio Ferrarese.

dan.moore@ft.com