Sanjeev Shah has stepped down as manager of the Fidelity UK Aggressive fund to be replaced by Mark Hodges.
Shah, touted as a possible replacement for Anthony Bolton when he retires, has moved to run the group's offshore 1.8bn European Aggressive fund after previous manager David Baverez left the group. European Aggressive is open to retail investors with a minimum investment limit of £1,000.
Shah took over the £234m UK Aggressive portfolio from Glen Pratt in late 2002.
Hodges previously ran institutional mandates for the group. His segregated portfolio of UK equities returned 33.3% over three years to 30 June against a FTSE All-Share return of 25.3%, according to Fidelity.
The UK Aggressive portfolio is weighted towards large-cap stocks, which make up 48.7%, a further 18.6% is in mid caps and 32.5% in small caps. Although over 85% of the fund is in the UK, there is exposure of some 12.4% to both western and emerging Europe.
Baverez is establishing his own long-only investment firm KD Capital, backed by the Children's Investment Fund Management group.
‘Promising lead’ or ‘Back to the lab’?
Have economic cycles fundamentally changed?
Our weekly heads-up for advisers
Two global vehicles
'Further plug advice gap'