Fidelity manager change “good news for investors”

The departure of Jorma Korhonen as manager of the Fidelity Global Special Situations fund “is good news for investors”, according to Hargreaves Lansdown.

Meera Patel, senior anlayst at Hargreaves Lansdown, says new manager Jeremy Podger has a 15-year track record that compared “favourably” with the global sector peer group.

She says: “Jorma Korhonen’s stock selection has been disappointing and the fund also had a higher than average exposure to cash.

“More recently we would have expected the cash weighting to offer some insulation from the volatile markets this year, but the fund has continued to disappoint.”

Patel adds: “We believe an experienced manager such as Jeremy Podger has the potential to turn performance around. He will be supported by Fidelity’s existing team of analysts and senior fund managers.”

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