Manager of Fidelity’s £3.7bn Multi Asset Open range Bill McQuaker is to step down from the role at the end of 2019 due to ill health, but will remain with the company as a strategic adviser.
In his place, lead manager of the Fidelity Multi Asset Allocator range and co-portfolio manager of the firm's multi-asset income range Chris Forgan will become lead portfolio manager of the Open funds. He will be assisted by co-portfolio manager Charlotte Harington, and supported by McQuaker who will work closely with the team until the end of 2019 to ensure a smooth transition.
At the beginning of this year, Fidelity merged its Multi Asset fund range into its Multi Asset Open range under the management of McQuaker.
The Open range consists of five funds of varying risk categories, ranging from "adventurous" to "defensive". Its £689m AUM Strategic fund has returned 7.5%, 19.1% and 33.56% over one, three and five years respectively, according to FE, while the IA Mixed Investment 20-60% Shares sector has averaged 4.4%, 14.6% and 26.1% over the same periods.
McQuaker joined Fidelity in 2016 having previously served as head of multi-asset at Henderson Global Investors, where he worked alongside Forgan. Forgan joined Fidelity's £36bn AUM multi-asset team in 2017 and has 20 years' experience.
Head of wholesale at Fidelity International John Clougherty said McQuaker "is one of the most experienced and highly respected multi-asset managers in the industry and has been instrumental in reshaping our multi-asset offering to UK clients".
He explained that in McQuaker's three years at the firm he "helped to oversee the move to a ‘manager of manager' structure", which was "an important milestone" for the multi-asset business.
Clougherty added: "While we are, of course, extremely sad to see Bill stand down, it is pleasing that we will continue to benefit from his experience as an adviser to the business.
"Chris has worked with Bill for a number of years, and with the support of Charlotte, we believe the team has the right combination of asset allocation, manager selection and portfolio construction expertise to deliver the funds' objectives."