Investing
Fidelity star fund manager Anthony Bolton to retire
Fund manager Anthony Bolton is to retire from portfolio management next year, Fidelity has announced, with Dale Nicholls set to take over the reins at the group’s China Special Situations investment trust.
Nicholls will become portfolio manager of the trust in April 2014, when Bolton will officially step down. Bolton is to continue as an adviser to the group.
Fidelity said the appointment of Dale reflects the wish of its board to continue with the current investment approach and strategy following the change of manager.
Dale has 17 years’ investment experience and has managed the Fidelity Funds Pacific fund since September 2003. Over that period he has returned 154% versus an index return of 117%.
Like Bolton, Fidelity said Dale is a bottom-up stock picker with a growth bias and a significant tilt towards smaller and mid-cap companies.
At the time of the launch of Fidelity China Special Situations plc in April 2010, Anthony indicated his intention to manage the trust until at least April 2012. He extended this minimum management period on two occasions but recently informed the Board of his intention to retire in April 2014.
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Prior to managing the trust, Bolton was the manager of a number of Fidelity funds, including Fidelity Special Situations, which he ran from December 1979 to December 2007.
John Owen, chairman of Fidelity China Special Situations, said: “Stepping into the shoes of Anthony is a significant challenge so we are delighted to have appointed a portfolio manager with a demonstrable record of success investing in the Asia Pacific region and specifically within China.
“We selected Dale to continue the research-driven stock-picking approach which we continue to believe is the route to success in this exciting market.”