Tim McCarron is stepping down as manager of the £855m Fidelity European Values investment trust, handing control to Sudipto Banerji.
McCarron, who will continue to run Fidelity’s £4.8bn European fund, will work alongside Banerji on the trust from April, with Banerji assuming full control from June.
Fidelity European Values chairman Robert Walther says the transition timeframe will allow for a smooth handover of the fund.
“Anthony Bolton, the original manager of the company's portfolio, delivered strong returns for shareholders, as has the current portfolio manager Tim McCarron,” he says.
“We have every confidence that the new portfolio manager Sudipto Banerji will continue to produce the level of performance that shareholders expect from Fidelity European Values.”
Banerji currently manages the £256 Fidelity Funds Global Industrials fund.
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