Fidelity Appoint New Global Special Situations Fund Manager
14 Dec 2011
Fidelity Worldwide Investment has announced the appointment of Jeremy Podger as a senior portfolio manager in its Global Equity Team. Jeremy will take on the management of Fidelity’s $2.5bn Global Special Situations fund, replacing Jorma Korhonen who has decided to leave the company.
This is an important announcement for many investors as the Global Special Situation Fund has been a favoured fund choice in recent years. Many investors will feel that this fund has not performed well in the past year, consistently featuring in the bottom decile of the Global Growth sector. Certainly change was imminent and this was a brave decision by Fidelity to bring in a replacement.
The view of the TQ Invest Investment Committee is that Fidelity remains a strong and experienced fund house and that this change is welcomed, however currently this particular fund is on our watch list to continue to be monitored closely.
Mr Podger will report to Dominic Rossi, Global Chief Investment Officer for Equities and work closely with Richard Lewis, Fidelity's recently-appointed Head of Global Equities.
Jeremy Podger has an impressive track record in the management of Global Equities, having beaten benchmark by a cumulative 60% during a 15 year period of publicly-disclosed returns. He joins Fidelity from Threadneedle where he is currently Head of Global Equities and the manager of the Threadneedle Global Select and Global Extended Alpha funds. He is ranked in the top quartile of his peer group over his seven year tenure on the Global Select fund, beating 80% of competitors.
Mr Podger will join Fidelity at the beginning of March. Until his arrival, management of Global Special Situations passes with immediate effect to Sudipto Banerji.
