Departure sees Fidelity fund 'on hold'
The departure of portfolio manager Trygve Toraasen has seen ratings house Standard & Poor’s (S&P’s) place the Fidelity Europe Fund ‘on hold’.
The ratings house said the fund had been rated four stars in 2007 based, in part, on S&P’s view of Toraasen as portfolio manager and therefore the rating was no longer relevant.
The S&P announcement came after Fidelity announced that Fabio Riccelli had been appointed to take over the role of portfolio manager of the Europe Fund.
S&P analyst Simone Arblaster said the ratings house was in the process of reviewing regional funds, so the fund would be placed ‘on hold’ until a new review had been completed.
“Fidelity gives its portfolio managers complete control over the funds, so the rating is very dependent on that portfolio manager,” she said.
Arblaster said S&P would review its rating when it had had an opportunity to meet Riccelli.
AUTHOR
Mike Taylor
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