Sanjeev Shah has stepped down as manager of Fidelity's Special Values investment trust, after requesting to be taken off the mandate.
The board of the trust said that Shah, who also manages the group's multi-billion pound Fidelity Special Situations fund, wanted to concentrate solely on running the open-ended fund.
The board of the trust also wanted to expand the trust's remit so it invested more in mid and small cap stocks.
He will be replaced by the group's small cap specialist Alex Wright, who already runs the Fidelity UK Smaller Companies fund.
The group said: "This reflects the wish of the Board to use more fully the flexibility afforded to it with its current investment strategy, including being able to invest a greater proportion of the portfolio in smaller and mid-cap stocks, and allows the company's current portfolio manager, Sanjeev Shah, to focus solely on managing the open-ended Fidelity Special Situations Fund in accordance with his wishes."
In the last three years, the trust has returned 25.7%, compared to the AIC UK Growth sector average of 37.2%, according to Morningstar.
The change means Shah will be able to concentrate on managing Anthony Bolton's former fund, which has struggled to match its peers in the IMA UK All Companies sector in the last three years.
The open-ended fund has returned 30.9% over three years, against the sector average return of 43.5%.
Lynn Ruddick, chairman of Fidelity Special Values, said: "The Board is keen to take greater advantage of opportunities for capital growth available from dynamic smaller and mid-cap companies and this is an area where Alex has demonstrated considerable success.
"The investment strategy and the company's benchmark remain unchanged."
The trust faces a continuation vote at its AGM next year.
'Exact timescale' of complaints not yet provided
1,400 reviews of adviser technology
To engage next generation
Now accessible to all
Some scheme’s ‘fib’