Fidelity

The UK economy faces a choppy ride for the rest of 2011 and may be in for a tough few years, though without falling back into recession.

ON ASIA

Fidelity has slammed the Investment Management Association (IMA) for deciding to rename the Managed sectors Managed A,B,C and D.

Fidelity's bond manager Ian Spreadbury has warned the UK has a 20% chance of returning to recession as consumers face mounting pressure from taxes, commodity price rises and high unemployment.

Fidelity is running a pilot global long/short portfolio which may be released to professional investors later in an expansion of the group's FAST fund range.

The UK could fall back into recession at the end of this year, as high oil prices and the impact of the Japan earthquake weigh on global economic growth, said Fidelity's Trevor Greetham.

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

China's property bubble is set to burst this year, triggering a 30% fall in values, Aberdeen's Hugh Young said, echoing last week's warning from Anthony Bolton the sector is overheating.

TOP TECH FUNDS

Fidelity's Robert Rowland has retired from portfolio management after 11 years, handing his Japan fund to June-Yon Kim.