Fidelity to merge away Portfolio fund

Fidelity is continuing to trim down its range of funds ahead of RDR after announcing it intends to merge its Fidelity Portfolio fund into one of Trevor Gretham's Multi-Asset funds.

The £134m Portfolio fund, run by Rita Grewal, currently sits in the IMA Mixed Investment 40-85% Shares sector, but the group intends to merge it into the Multi-Asset Growth fund, run by Greetham (pictured). The Portfolio fund - which invests across a range of Fidelity's own funds - is one of the better performing funds in its sector, returning 10.8% to investors in the last year, compared to the sector average return of 8.9%, according to Morningstar. The group has proposed to merge it into Greetham's £359m fund, which was launched two years ago, in order to bring down the AMC and TER...