LONDON, June 17 British fund manager Anthony
Bolton, who came out of retirement in 2010 to move to Asia and
try his luck investing in China, is to step down from managing
the Fidelity China Special Situations Fund next year.
Dale Nicholls, current manager of the Fidelity Funds Pacific
Fund since September 2003, will take over from Bolton when he
retires next April, Fidelity said in a statement on Monday.
Bolton had initially committed to run the fund until at
least 2012, before deciding to extend that by two years to give
himself more time to turn around its poor performance.
One of the UK's best-known and most successful fund
managers, Bolton has struggled to match his record in Britain by
investing in China.
His fund suffered from heavy exposure to poorly performing
small and mid-cap stocks and a beaten-down Chinese consumer
sector, although more recently the fund has recovered some lost
Since its launch, the China fund's share price has fallen
10.4 percent, according to Thomson Reuters data, against a 13
percent drop in the MSCI China Index.
Bolton will continue as an adviser to Fidelity and a trustee
of its charitable foundations beyond next year, the statement