By ADRIAN LOWCOCK 02/12/2009
Fidelity has announced that Tim McCarron has resigned from his position in order to take a sabbatical.
Tim joined Fidelity in 1993 and spent many years working with Anthony Bolton as his Senior Analyst before taking over management of the Fidelity European fund in 2003. We awarded McCarron a 4 star rating in November 2005. As a result of his departure we have suspended this rating.
New manager
Responsibility for the Fidelity European fund will pass to Sam Morse who will assume full responsibility for the portfolio on 1st Jan 2010. Morse currently manages the Fidelity Moneybuilder Growth fund. Morse has over 11 years experience of managing UK equities but does not have an identifiable track record in Europe.
Our view
When rating funds we look for fund managers with at least 30 months experience of managing money. Whilst Morse has the experience, it is not in European equities, there are several good managers in that sector we do recommend who have the right experience. Investors should consider switching to one of our top rated European funds:
If you are unsure of which funds might be suitable for your portfolio, or if there is anything else you wish to discuss regarding this article, please call one of our advisers on 020 7189 9999.