According to Michael Jones, head of UK distribution at Fidelity, the move was made to ensure that Spreadbury (pictured) has sufficient capacity to run his other funds. Spreadbury recently shifted his focus mainly towards running sterling and euro bond products and now runs the onshore Fidelity Sterling Bond fund, which was launched last month. In addition to the Sterling Bond fund, Spreadbury also runs the offshore version of Sterling Bond, as well as the Luxembourg-domiciled Euro High Yield fund. He also manages the UK-domiciled Extra Income and Moneybuilder Income Oeic funds. Jones notes that Lavelle and Spreadbury have a similar investment style, with primary research and bottom-up stockpicking being key elements of both managers’ approach. As a member of Fidelity’s London-based fixed income team, Lavelle also manages the â¬404m (278m) Fidelity Euro Balanced fund, as well as the â¬232m Euro Corporate Bond within the offshore range. As a result of the manager change, S&P recently undertook a review of the US Dollar Bond fund and has decided to keep the fund’s AA/S2 rating.