Fidelity Growth & Income shareholders approve merger

Shareholders in Fidelity's Growth & Income fund have voted in favour of its merger into the MoneyBuilder Growth fund.

Fidelity said the merger will take place mid July, after 98% of investors approved it. James Griffin, in charge of the £154m Growth & Income portfolio as well as the £493m MoneyBuilder fund, runs a similar mandate across both offerings, prompting the group to take action to merge the funds. Both have achieved identical performance over one year, returning 18.1%, although Growth & Income has outperformed over three years, delivering 11.2% compared to 4.6% from MoneyBuilder. Both lag the IMA UK All Companies sector return of 21.9% over one year, while Growth & Income has outperformed...