Bolton to quit Fidelity China fund
British fund manager Anthony Bolton, who came out of retirement in 2010 to move to Asia and try his luck investing in China, is to step down from managing the Fidelity China Special Situations Fund next year.
Dale Nicholls, current manager of the Fidelity Funds Pacific Fund since September 2003, will take over from Bolton when he retires next April, Fidelity said in a statement yesterday.
Mr Bolton had initially committed to run the fund until at least 2012, before deciding to extend that by two years to give himself more time to turn around its poor performance.
One of the UK's best-known and most successful fund managers, Mr Bolton has struggled to match his record in Britain by investing in China.
His fund suffered from heavy exposure to poorly performing small and mid-cap stocks and a beaten-down Chinese consumer sector, although more recently the fund has recovered some lost ground.
Since its launch, the China fund's share price has fallen 10.4pc, according to Thomson Reuters data, against a 13pc drop in the MSCI China Index.
Mr Bolton will continue as an adviser to Fidelity and a trustee of its charitable foundations beyond next year, the statement said. (Reuters)