Fidelity to hand European fund to Italian equities manager

Fidelity Worldwide Investment is to change manager on its £432m European Opportunities fund later this year, bringing in a manager who has been running offshore mandates.

The fund, currently run by Colin Stone, will be handed to Alberto Chiandetti in October. Chiandetti (pictured) currently runs the group’s offshore Italian and Swiss equity funds for European clients, and has built up a top decile record against peers. Chiandetti, who has been at Fidelity since 2006, has run the group’s Italy fund since 2008, returning 53% versus the MSCI Italy index return of just 7%. Meanwhile, his Fidelity Switzerland fund has returned 61% since he took over in August 2011, versus the MSCI Switzerland gain of 60%. Both his funds are in the top decile versus competit...