Fidelity hires Threadneedle’s Podger as Korhonen leaves

Threadneedle's head of global equities Jeremy Podger has left the company to join Fidelity and run its £1.5bn Global Special Situations fund.

Podger will take over Fidelity's Global Special Situations fund from Jorma Korhonen in March. Korhonen is leaving Fidelity and the fund will be run by Sudipto Banerji until that date.

Banerji currently runs Fidelity's Global Opportunities fund.

Podger has joined as a senior manager in Fidelity's global equities team and will work closely with Richard Lewis, Fidelity's recently appointed head of global equities.

"The combination of Richard and Jeremy with our existing strong team creates an exceptionally talented and revitalised group in an area where we have strong ambitions to grow assets," said Dominic Rossi, global CIO for equities at Fidelity.

Podger joined Threadneedle in 2003 and has been running the £737m Global Select fund and the £8m Global Extended Alpha fund.

Global Select has returned 30.6% over three years versus an IMA Global sector average of 36%. Over 5 years it has returned 10.4% versus a sector average of 4.3%.

Fidelity Global Special Situations, meanwhile, has returned 32% over three years but lost 14.6% on a five year basis.

Podger has been replaced as head of global equities at Threadneedle by William Davies, previously head of European equities at the company.

Threadneedle's Philip Dicken has been promoted to head of European equities. Dan Ison will remain as head of pan-European equities and Paul Doyle will become head of continental, with both reporting to Dicken.

Threadneedle Global Select will now be run by Davies, while Global Extended Alpha will be managed by Neil Robson, who joined from Martin Currie earlier this year.

Robson will also run the Global Focus SICAV previously managed by Podger. Davies' £583m European fund will now be managed by Nick Davis, manager of the Pan European Equity Dividend Fund.