MM Special Sits and Equity Income axed as Fidelity continues revamp

Fidelity reorganisation takes its toll on funds struggling with Fof management structure as MM Special Sits and Equity Income are to close

Fidelity plans to close MultiManager Special Situations and Equity Income after acknowledging the strategies are not ideally suited to a fund of funds structure. In a reorganisation of the group's managed funds, Fidelity also intends to merge six of its seven Retirement offerings into an expanded WealthBuilder Target range, which will be renamed simply Target. Fidelity will undertake shareholder votes on 15 April and expects to complete the transitions on 15 May. Subject to approval, Fidelity will transfer the £15m of assets in the MM Special Situations into Sanjeev Shah's £1.87bn FIL...