F&C's Anand to join Fidelity

F&C's head of European equities Paras Anand is to join Fidelity, Investment Week can reveal.

Anand is joining the firm as head of pan-European equities, working alongside fund managers including Sam Morse, who runs the group's £2.6bn Fidelity European fund.

Earlier today it was announced Anand, who heads up the £166m F&C European Growth & Income fund, as well as the European Assets Trust, will be leaving F&C in six months time.

Fidelity has also hired Richard Lewis, the former co-head of New Star Institutional Managers.

Lewis will join at the start of November and will manage the global emerging market and global equity portfolio management teams.

Both managers will report to Dominic Rossi, chief investment officer, equities, at Fidelity.

Rossi said: "Paras and Richard are experienced investors, who also have a strong track record in managing investment teams. This blend of expertise will ensure that we are able to create the best environment for success within the core area of UK and continental European equities as well as in the major growth area of global and emerging market equity investment."

Anand, who joined F&C from Deutsche Asset Management in 2007, will continue to run his funds at F&C in the interim.

Under Anand's stewardship, the F&C European Growth & Income fund is third quartile in the IMA Europe Excluding UK sector, with a loss of 7.4% over three years compared to the peer group average loss of 4.8%