Fidelity slams IMA over 'meaningless' Managed sector review

The group said the IMA needs to think again on its proposals to scrap the existing definitions and replace them with an alphabetical system. Gary Shaughnessy, UK managing director at Fidelity International, said: "To say we are disappointed in the outcome to this review is an understatement. "The IMA has said that it is important that these sectors are properly understood by investors, but in our opinion the new sector differentiations are meaningless and actually increase the opacity for investors." Shaughnessy said the IMA should have adopted the ABI's approach when it reclassifi...