LONDON One of Britain's best known investors, Sanjeev Shah, is leaving his fund management role at Fidelity Worldwide Investment to bolster its team of talent-spotters on the lookout for the fund managers of the future.
Shah will pass on responsibility for managing the Fidelity Special Situations fund to Alex Wright, who will remain portfolio manager of Fidelity Special Values PLC and co-manager of Fidelity UK Smaller Companies Fund alongside Jonathan Winton.
Shah took sole charge of the 2.8 billion pounds ($4.4 billion) fund in January 2008, following the departure of investment veteran Anthony Bolton, who launched the fund in 1979.
The Special Situations Fund has delivered a return of 52.1 percent compared with 31.2 percent for the FTSE All Share Index over Shah's tenure, which encompassed the global banking crisis, credit crunch and the subsequent sovereign debt crisis.
"(Sanjeev) has delivered strong performance to investors in what has been an extremely challenging period for markets," Dominic Rossi, Fidelity's global equities chief investment officer said in a statement.
The Fidelity Special Situations Fund has generated a compound total return after fees of 17.5 percent a year over the past 34 years.
Shah will join the Fidelity Portfolio Managers Academy, which helps to nurture the firm's most promising fund managers, full time from January, following the handover to Wright.
(Reporting by Sinead Cruise. Editing by Jane Merriman)