Sanjeev Shah will replace Anthony Bolton as the new manager of the £3.2bn Fidelity Special Situations fund.
Shah, who currently runs Fidelity's European Aggressive fund - worth £2bn - previously ran the firm's European fund and has a history of bringing in strong returns.
The announcement of Bolton’s successor has been the most eagerly anticipated event in the fund management industry in recent years.
The original UK Special Situations fund was split in two in September 2006 into Fidelity Special Situations run by Bolton and Global Special Situations managed by Jorma Korhonen.
Bolton was worried the size of the original fund, which was around £6bn, could start to impact on performance.
As he intended to relinquish the fund at the end of this year, a split would also mean his successors were running smaller portfolios rather than a huge £6bn mandate.
Bolton will continue to work as a mentor for analysts and managers at Fidelity by developing the European and UK research teams.
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