Fidelity may close offshore multi-manager

Fidelity International has proposed to close 10 of its 12 offshore multi-manager funds.

The group has written to shareholders offering free switches into single strategy vehicles because funds in the Luxembourg Sicav have failed to gain “critical mass”.

The range was launched in September 2006 in an environment the group describes as “very different” from today.

A spokesperson told Fund Strategy that the funds have not reached critical mass and it appears they are unlikely to do so.

The range currently has around $55m (£39.2m) in assets under management. The larger vehicles, Natural Resources and Global High Alpha, will remain open.

Richard Skelt and Geraldine Stewart head the multi-manager range. The proposed closures will have no effect on their positions, and they will continue to run other funds of funds for Fidelity.

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