Korhonen out at flagging Fidelity fund

THE INVESTMENT chief who took over half of Anthony Bolton’s flagship Fidelity fund has left after a series of losses.

Jorma Korhonen will be replaced by Jeremy Podger as manager of the £1.5bn Global Special Situations fund.

Sudipto Banerji, a veteran Fidelity manager, will take over until Podger arrives from Threadneedle in March.

Meera Patel at Hargreaves Lansdown said: “Jorma Korhonen’s stock selection has been disappointing and the fund also had a higher than average exposure to cash.”

The Global Special Situations was formed in 2006 when Bolton’s £6bn Fidelity Special Situations fund, one of the most popular portfolios in the UK, was split in two.

The fund reported a 10.7 per cent drop in asset value in the year to September.

Last month Bolton apologised to investors for the “very poor” performance figures of his Fidelity China Special Situations.

Korhonen had been with Fidelity since 1996, working as a research analyst until becoming a portfolio manager in 2002, according to Fidelity’s website.

Fidelity could not be reached for comment last night.