Fidelity have announced that Sam Morse is to take on the management of their Moneybuilder Growth fund from December 1st, replacing Anas Chakra. Chakra will concentrate on running pan-European equity mandates. Morse first joined Fidelity in 1990 as an analyst, eventually becoming the manager of several retail funds including the Moneybuilder Growth fund, then known as the UK Dividend Growth fund. He moved to M&G in 1997 but rejoined Fidelity in 2004 as Head of Institutional UK Equities.
Recommendation
Chakra began managing this fund in November 2002, since when its performance has been roughly in line with the benchmark. However, the track record of his replacement Sam Morse suggests little improvement - he has underperformed by an average of 0.01% per month in an 8.3 year career in the UK All Companies sector. Investors should consider a switch into one of our recommended UK funds.