Sam Morse is to take over management of the £693m Fidelity European Values investment trust from the start of next year.
Morse, who has managed the open-ended £3 billion Fidelity European fund since January 1, 2010, will replace Sudipto Banerji.
In October this year, Banerji assumed the management of the Fidelity Global Opportunities fund, and Fidelity says he will return to being a full time member of the global equity team.
In a statement, the board of the European Values trust says it has spent the past year watching Morse’s success in transferring his approach from running UK equities to the Fidelity European fund. (article continues below)
“This is a good opportunity to bring both the open and closed-ended European vehicles under the same manager. This mirrors the management responsibilities during the tenures of both Anthony Bolton (1991-2001) and Tim McCarron (2001-2008),” says the statement.
The board says between now and the end of the year, Banerji will work with Morse to ensure a smooth handover of responsibilities.