Fidelity Asia Fund 'on hold' following manager's resignation
Standard & Poor’s (S&P) has placed the Fidelity Asia Fund ‘on hold’ due to the resignation of its portfolio manager following a year of underperformance.
Singapore-based portfolio manager Jess Tan will be replaced by Australian-based David Urquhart, who will start immediately. During his 14 years with Fidelity, Urquhart has managed a number of country and regional funds, and will remain responsible for four other regional mandates apart from the Fidelity Asia Fund.
“Mr Urquhart seeks out opportunities across the style and size spectrum, although his portfolios have typically exhibited a growth tilt,” said S&P Fund Services analyst James Gunn.
“The fund is likely to be more concentrated at around 70 stocks, compared to the 70 to 100 companies under Ms Tan.”
He added that the fund would remain 'on hold' until S&P can meet with Urquhart and assess how he will manage the fund.
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