FIDELITY’S star fund manager Anthony Bolton will retire next year, ending his stellar career with the relative failure of his foray into the Chinese market.
The company announced today that Bolton will step down on 31 March 2014, to be succeeded by Dale Nichols.
The industry veteran ran the UK-focussed Fidelity Special Situations fund with great success, turning a £1,000 investment into £149,000 during his 28-year tenure.
He postponed retirement in order to move to Hong Kong to launch the Fidelity China Special Situations fund in 2010, but it fell 26 per cent in its second year and is still 14 per cent down since the launch in 2010.
“It has always been my intention to step down as Portfolio Manager at some stage having been closely involved in the process of identifying my successor,” said Bolton.
“I am delighted that my colleague Dale Nicholls will take over from me then. He has a similar investment approach to my own with a focus on medium and smaller sized companies and has been investing most successfully in Chinese companies for the last ten years.”
Bolton added that he will be retaining his personal investment in the company’s shares.