Seasoned manager to take control of US funds

Bob Haber, a senior investment manager with Fidelity Management and Research, is to take over the 511m American Special Situation Fund on July 1.

The current manager, Neal Miller, is to step down to take up and advisory role within FMR, an American affiliate of Fidelity International.

As well as the American Special Situations Fund, Miller will be handing over to Haber the management of the $1.1bn (630m) American Growth Fund and the Luxembourg-listed Sicav

Miller has worked as a US fund manager at Fidelity for 18 years and has 36 years investment experience. There are no details as to what his advisory role will be.

Haber, who has 21 years experience with Fidelity, has held several senior positions already. He manages the Fidelity Focus Stock fund, which is not available to investors outside America. He also ran the Fidelity Equity and Income fund.

The Fidelity American Special Situations fund ranks in the first-quartile of performers over one, three, five and 10 years from launch in November 1980 to the end of March 2006.

Its total returns are 2,373% compared with a return of 1,572% from the benchmark, the Nasdaq Systems Ex-Dividend Index, according to Standard & Poor’s.

Likewise, the Fidelity Funds American Growth fund, which Miller managed, ranks in the first-quartile over one, three, five and seven years since its launch in 1997, nearly tripling the total returns of its benchmark, the S&P 500.

Fidelity says it is too early to predict what changes will be made when Haber takes over.