Fidelity to close Asian Aggressive fund

Fidelity International plans to close its Fidelity Asian Aggressive fund owing to its small size.

The fund, managed by David Urquhart, was launched in February last year but has only accumulated £6.6m in assets under management.

Fidelity has written to unitholders offering a free switch into the £1.3 billion Fidelity South East Asia fund, managed by Allan Liu. The group aims to close the Asian Aggressive fund on November 27.

Launched in January 1994, the South East Asia fund is ranked fifth out of 62 funds in the IMA Asia Pacific ex Japan sector over three years to September 21, according to Morningstar. Over this time the fund returned 74.1%, compared with the sector average 46.7%.

Over one year, the Asian Aggressive fund is ranked 71 out of 72 funds in the same sector. This follows a return of 17.1%, compared with the peer group mean of 29.3%.

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