Sanjeev Shah would be stepping down as manager of Fidelity Special Situations Fund (FIDSPSA), according to a statement issued by Fidelity Worldwide Investment . Shah had been overseeing the GBP2.8 billion fund for five years. This was after he took the post from Anthony Bolton.
The 43 year-old Shah would be replaced by Alex Wright. According to the statement issued by Fidelity, Wright would remain as the manager of Fidelity Special Values Plc. He would co-manage Fidelity UK Smaller Companies Fund with Jonathan Winton.
FIDSPSA was established in 1979 by Bolton and became the flagship product of Fidelity in UK. The fund had helped Fidelity to become the biggest asset manager in the country. According to a data compiled by Morningstar Inc, the fund ranked on top of its peers since it opened.
Shah took over the post from Bolton in 2008 just months before Lehman Brothers Holdings Inc. collapsed and roiled markets worldwide. Hargreaves Lansdown Plc's Mark Dampier said in an interview, "In the last 18 months or so, the fund has performed pretty well. There was always pressure on him, but he stuck to his guns."
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