Fidelity’s European Value manager Madden departs

Fidelity European Value fund manager Neil Madden has left the firm after 12 years.

Fidelity has confirmed that Madden is leaving the company to undertake an MBA before moving to Australia with his family.

His €158m (£126m) Luxembourg-domicilied European Value fund is set to be taken over by Panos Theofilopoulos.

Theofilopoulos originally joined Fidelity back in 2005 as an analyst and became a fund manager in 2010.

A spokeswoman for Fidelity highlights the similar investment style shared between both fund managers.

“Much like Neil Madden, he is a fundamental stock picker with a valuation bias to his approach. Both managers run concentrated funds with high active money; they both favour large cap companies, and place a lot of emphasis on intrinsic value and downside risk. They are long-term investors and therefore their portfolios have low turnover (30-50 per cent),” she says.