Fidelity defends MM fund

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FIDELITY International's managing director for the multi-manager business defended the company's MultiManager Distribution fund in the face of industry criticism of multi-asset funds.

Simon Ellis made the comments after IFAs recently claimed in Professional Adviser that the asset mix in some ‘flavour of the month’ multi-asset funds is not as diverse as the name would suggest. He said during the development of Fidelity’s MultiManager Distribution fund, the investment house began by examining the universe of underlying securities such as equities, bonds and property. The team then selected the most appropriate asset class and fund manager for that vehicle. Commenting on suggestions that multi-asset funds should use additional asset classes such as hedge funds, stru...

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