Fidelity has announced two promotions in its multi-manager team. The pair will take over the day-to-day running of the funds from Richard Skelt.
Skelt will continue to manage the 17-strong portfolio strategies group. He will retain responsibility for the financial models and will also continue to run the Fidelity Wealthbuilder fund range and International fund.
Chris Ralph will take on both the MultiManager Growth Portfolio and the MultiManager Income Portfolio. He is currently responsible for UK equity mutual fund analysis. He joined Fidelity five years ago and has worked with Skelt for three years.
Rita Grewal will be responsible for several fettered fund-of-funds, including the Fidelity Portfolio and a number of unit-linked portfolios run on behalf of UK life assurance companies. Grewal joined Fidelity in 1995 and became a portfolio manager in 2003. She is currently responsible for UK and European equity multi-manager funds for institutional clients.
Both Ralph and Grewal will be taking up their new roles on 1 January 2006 after a six-month handover period. Skelt will continue to work closely with them to ensure that investors get the benefits of the teams' skills and experience.
Commenting on the changes, Skelt said: "We are in both a growing and increasingly competitive market and we feel by improving our scale and capacity we will be able to take better advantage of opportunities presented to us. Rita has been running a multi-manager portfolio for two years now and while this is Chris's first formal role as portfolio manager, he, like all our team, has run a multi-manager research portfolio, and although management is important it is fund analysis and research that is the primary part of the role, as it is the biggest generator of alpha."
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