Fidelity's portfolio reporting process is leading to the group's products being excluded from a number of fund of funds offerings.
Premier does not pick its funds, while Insight, Isis and Artemis state a perceived lack of transparency inhibits them from picking Fidelity portfolios.
Fidelity issues detailed information on its portfolios once a quarter, including attribution analysis and sector reports, but many fund of funds managers feel they need more than this.
Raj Hallen, fund of funds manager at Premier, said: 'It is a competitive market and there are funds that are equally as good elsewhere that give us better information flows. There is nothing wrong with Fidelity's performance but we are not really looking at their funds. Why should we go out of our way to try and get information that we can get from other groups more easily?'
Bambos Hambi, head of multi-manager investments at Insight, said: 'It makes it harder for us to pick their funds and it is a negative when we are assessing them.'
Richard Philbin, associate director at Isis Asset Management, holds the Fidelity American fund in the MultiManager Balanced and MultiManager Growth Portfolios. Isis has signed a deal with Fidelity to receive information on a monthly, rather than quarterly, basis, but it is not sufficiently detailed for him to carry out attribution analysis.
He added: 'This is partly why we own only 5%. We do not have full access to information. It is annoying, because they have a very good range of funds.'
Aidan Kearney, investment director of Premier Funds Service at Artemis, said: 'We have attended meetings with Fidelity where fund managers have turned to minders to ask if they are allowed to answer a question.'
Gary Potter, director of multi-manager at Credit Suisse Asset Management, holds the Fidelity American fund. He accepts there are problems getting timely information from Fidelity, but is quick to point that the information the group does provide is of a high quality.
Joanne Roddan, associate director at Fidelity Investments, said the group is constantly evolving its policy on disclosure of holdings.
'The biggest challenge we face is to provide information on our funds while protecting the ideas that drive our performance results,' she said. 'Revealing more detailed or more frequent holdings data, other than on a quarterly basis, may allow others to front-run our investment decisions, hampering the ability of our managers to transact at the best prices.'
'Life is a compromise,' said Potter. 'If we cannot get information, it makes our job more difficult. But you have got to work with them, and you can piece bits of information together if you know what you are looking for.'
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