Fidelity to merge Growth & Income into MoneyBuilder Growth

Fidelity is proposing to merge James Griffin's £151m Growth & Income fund into his £484m MoneyBuilder Growth fund.

Both funds have similar mandates, with an aim to deliver both capital growth and income for investors. Griffin, who has run both funds since the end of 2009, has achieved near identical returns for investors over the last year, delivering 5.5% in the Growth & Income fund and 5.6% in MoneyBuilder. Both funds have underperformed the IMA UK All Companies sector average of 9.3%. Over three years, the Growth & Income fund has outperformed, returning 20.4% compared to 14% for Moneybuilder. The group has written to shareholders to get approval for the merger.