Fidelity is to exit offshore multi-manager space

Fidelity plans to wind up its offshore multi-manager fund range by the end of the year. After previ...

Fidelity plans to wind up its offshore multi-manager fund range by the end of the year. After previously announcing it will close 10 of its 12 Luxembourg-domiciled MM funds on 8 June, the group now says it intends to exit the space entirely in Europe. While Fidelity will continue to run its retained Natural Resources and Global High Alpha vehicles after next month, the group will offer free transfers into other Fidelity Funds investments. The group says it is confident of a smooth investor transition, as it already has similar single strategy mandates - its Industrials and Global Focu...