Fidelity have announced that Tim McCarron, manager of the Fidelity European fund, has resigned from his position in order to take a sabbatical. Responsibility for the Fidelity European fund will pass to Sam Morse who currently manages the Fidelity Moneybuilder Growth fund. Morse does not have an identifiable European track record and we have suspended our rating on the Fidelity European fund accordingly. Morse will assume full responsibility for the portfolio on 1st Jan 2010.