Giant Fidelity fund to split in two

the impending retirement of special situations fund manager anthony bolton is causing group to plan a great divide

The plan to split the giant Fidelity Special Situations fund into two separate portfolios is a unique move. The group's solution to the dual problem of the impending retirement of the fund's manager Anthony Bolton and its massive size, currently £5.4bn, has drawn criticism as well as praise. Central to most advisers' displeasure is the fact Fidelity will not disclose who will take over management of one half the portfolio from 2007. Bolton will run the two funds until the end of 2006. While the group will announce ahead of the shareholder vote which of the two Bolton will manage, it w...