Fidelity launches two funds of funds

unfettered growth and income portfolios will benefit from quantitative screening process

Richard Skelt is using a core and satellite approach in his construction of Fidelity's two unfettered funds of funds, which launch this week. The group is offering a 0.25% discount off the 3.25% initial charge for lump-sum investments into Fidelity MultiManager Growth and Fidelity MultiManager Income as a special offer for the launch, ending 30 November 2003. The two funds also feature a 1% annual management charge, with the total expense ratio (TER) capped at 2%. The Growth fund will be listed in the Active Managed sector and uses a composite benchmark of 50% FTSE All-Share and 50% MSC...