Anthony Bolton is to give up managing the £2.06bn Fidelity European Fund on 1 January 2003 in order ...
Anthony Bolton is to give up managing the £2.06bn Fidelity European Fund on 1 January 2003 in order to concentrate on his UK portfolios and taking on a mentor role for younger managers in the group.
Tim McCarron will take over management of the European unit trust while Graham Clapp will run Bolton's offshore E9.3bn Fidelity Funds European Growth portfolio, which he is also stepping down from in January.
At the end of November 2001 McCarron took over the management of Bolton's Fidelity European Values investment trust, and his style of management on the trust is very similar to that of Bolton's European fund, with a 78% stock correlation.
McCarron has worked with Bolton for a number of years and will work closely with him to ensure a smooth hand-over of the fund.
At 52, Bolton's impending retirement has been much speculated on. However, Fidelity said he has committed to continue with the group for the foreseeable future, which will be years and not months. In addition to managing Fidelity Special Situations and the UK investment trust, Special Values, Bolton is to take on a broader role, mentoring Fidelity's 78 equity fund managers and analysts across Europe.