Two Fidelity funds available for sales in Hong Kong announced change in management. The fund managers of the two funds, Fidelity Funds – Global Focus and Fidelity Funds – Global Opportunities, Brenda Reed and Ilario di Bon decided to leave Fidelity. And Amit Lodha and Sudipto Banerji assumed portfolio management responsibility for Global Focus and Global Opportunities respectively.
Followed the departure from Fidelity of two fund managers, Morningstar has placed its qualitative rating for Fidelity Funds - Global Focus and Fidelity Funds - Global Opportunities from Superior to Under Review.
Morningstar fund analyst Mark Laidlaw comments:
“The case for our rating on Fidelity Funds - Global Focus rested substantially on the presence of Brenda Reed. Whilst we note the overall research strength of Fidelity, incoming manager Amit Lodha has not run a diversified offering before, and we will need to meet with him to determine our conviction in his capabilities. Similarly, the presence of Ilario di Bon was a key factor in our rating of Fidelity Funds - Global Opportunities and we will therefore also need to meet with the new manager here - Sudipto Banerji - before updating our view. We have placed our rating for all three funds Under Review until we have a chance to meet with both Lodha and Banerji.”
Lodha is currently managing FF Global Industrials Fund and FF Global Real Asset Securities Fund. And Banerji is managing Fidelity European Values
