New post for NRI financial expert
A Cambridge-educated financial whizkid of Indian origin has been announced as the successor to star fund manager Anthony Bolton as the head of the £3.2 billion Fidelity Special Situations fund.
Sanjeev Shah, 36, currently manages the £2 billion Fidelity European Aggressive fund, a position he assumed in August 2005. He worked his way up after joining Fidelity as a research analyst 11 years ago, and taking on his first portfolio, Fidelity UK Aggressive, between 2002 and 2005.
Announcing Shah's new position, Bolton said, "I needed a manager who had proved himself at successfully managing money, and with his contrarian approach and the valuation discipline behind it, Sanjeev Shah has the attributes to be a great portfolio manager. He was very much my favourite to take over."
Shah said, "I am very excited about taking over at Fidelity's flagship fund. Given the similarities in style, it will be very much about continuity. I do not expect there to be radical changes to the portfolio from day one."
Mark Dampier, from Hargreaves Lansdown, the independent financial advisers (IFAs), told media," It is really good news that Sanjeev is taking the role - he is a recognised fund manager, with a good track record in his own right".
Describing Shah as a "safe pair of hands", Tim Cockerill from IFAs Rowan, said: "I sold my holding in Fidelity Global Situations last year, but will be holding on to my stake in Fidelity Special Situations."
Shah will also take on the management of Fidelity Special Values, the £400 million investment trust, from January 1, 2008.