Fidelity to close FNW funds in final MM restructure

Fidelity is set to complete the final phase of its multi-manager fund rationalisation, which will result in the closure of its FundsNetwork PortfolioManager range.

The group will retain its PortfolioManager Balanced vehicle, but it will renamed the MultiManager Balanced fund and sit in Fidelity’s core MM range. Fidelity also plans to merge its £29m MM Distribution fund into the £124m MM Income vehicle, while co-head of multi-manager Geraldine Stewart has left the firm. Earlier in the year Fidelity announced it would close its entire offshore multi-manager range by the end of 2009 and it has cut the number of its onshore MM funds from five to three. Peter Hicks, Fidelity’s head of UK retail sales, says this final rationalisation will leave the...