Fidelity's Kaye to exit after less than three years

Khowala to take over the Fidelity American fund

Peter Kaye is leaving his post as manager of the Fidelity American fund by mutual consent with the group, after less than three years at the helm.

The manager (pictured) joined Fidelity from Dalton in the first quarter of 2013, to replace departing manager Aris Vatis at a time when the fund had around £1bn under management. Although the fund size did initially increase under Kaye, reaching a peak of £1.1bn in July 2013, assets have since declined to £930m as at 18 August, according to FE Trustnet figures. Performance has been lacklustre, with the fund sitting in the third quartile of the IA North America sector over one and three years, and sinking to the fourth quartile over five years. Aditya Khowala will take over manageme...