Fidelity is closing the Target 2020 fund next month due to a lack of client demand.
No new investments into the Fidelity Target 2020 fund will be accepted after 3 September and as of 10 September all remaining holdings in the will be compulsorily redeemed.
A spokesperson for Fidelity said: "The fund has become too small to manage cost-effectively and we have decided that the closure will be in the best interests of investors."
Philalithis manages a number of other Fidelity multi-asset mandates, including the £759m Multi Asset Income fund.
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