A source interviewed by Reuters said Fidelity Worldwide Investment's Head of Asian Fixed Income Sabita Prakash has quit. Prakash has worked for the company for a decade and managed over 20 people in the firm. She was a member of the core team that got together the Asian high yield franchise as well as looked for fresh investment opportunities like the offshore yuan bond segment, the report said.
While the report said Prakash was not yet available to comment on the news, a company spokeswoman gave the confirmation and that her role will be filled in by Head of Credit Research (Fixed Income) Olivier Szwarcberg.
As of December 31, Fidelity Worldwide Investment manages global assets of around $270 billion. Although their Asian operations are concentrated on equity, their fixed income assets have risen in the past few years, the report said.
Information from the company website showed that the firm gives individuals, institutions and multinational corporations and their advisers with products like mutual funds, defined contribution pensions, segregated portfolios and MultiManager.
A privately owned investment management company, the firm was incorporated in 1969 and now has operations in Asia Pacific, Europe and the Middle East across a network located in 24 countries. It has a workforce of 5,000-strong. It manages assets in London, Bermuda, Milan, Frankfurt, Paris, Tokyo, Hong Kong, Mumbai, Seoul, Singapore and Sydney. It also has fund platforms in the UK, Germany and Taiwan, the website said.
The company has gained various awards that recognize their fund's performance, their research, customer service and technical innovation in the past. In 2011, it was awarded by Lipper as the Winner of Best Large Fund House, All Categories- Nordics. It was also voted by investors in Italy as the Best Mutual Fund Company through an online survey done by Morningstar and CorrierEconomia websites in 2010, the website revealed.
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