CHINA - Anthony Bolton will return to funds management and has committed to at least two years running Fidelity's new China fund.
Bolton, the Fidelity president of investments, will relocate to Hong Kong in the early part of 2010 in preparation for an expected March launch.
No successor to Bolton on the fund will be named at launch and the 24-month term is only the minimum the manager has tied himself down for.
Fidelity will be keen to avoid a repeat of the fevered speculation surrounding the appointment of a successor to Bolton's Special Situations fund in September 2006. The £6bn (US$9.9bn) fund was eventually split into a UK Special Situations fund run by Sanjeev Shah and Global Special Situations, managed by Jorma Korhonen.
"I firmly believe that China is the investment opportunity of the next decade. I have been a regular visitor to China since 2004, when I started meeting and investing in Chinese companies," Bolton says.
"After spending the last few months in Asia, I have become increasingly excited by the prospect of managing a portfolio investing in the tremendous growth potential of China. I plan to relocate to Hong Kong in the early part of 2010 in readiness for a launch around the end of March."
Bolton is best known for running the Fidelity Special Situations fund, which he managed from its launch in December 1979 until the end of 2007. Over this 28 year period, the fund achieved an annualised return of 19.5%, compared to 13.5% for the FTSE All Share.
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