Fidelity's Shah asks to be replaced on Special Values trust

Sanjeev Shah has stepped down as manager of Fidelity's Special Values investment trust, after requesting to be taken off the mandate.

The board of the trust said that Shah, who also manages the group's multi-billion pound Fidelity Special Situations fund, wanted to concentrate solely on running the open-ended fund. The board of the trust also wanted to expand the trust's remit so it invested more in mid and small cap stocks. He will be replaced by the group's small cap specialist Alex Wright, who already runs the Fidelity UK Smaller Companies fund. The group said: "This reflects the wish of the Board to use more fully the flexibility afforded to it with its current investment strategy, including being able to inv...