Fidelity's Shah and Liu to step down at end-2013

Sanjeev Shah is to step down as manager of Fidelity Special Situations at the end of 2013, while colleague Allan Liu is to step back from the group's UK-domiciled South East Asia fund.

Shah (pictured), who is stepping down from fund management after 17 years in the industry, will be replaced on Special Sits by small-cap manager Alex Wright. Wright will remain manager of the Fidelity Special Values trust he took over from Shah last year, as well as co-manager of the group's top performing UK Smaller Companies fund. It is understood Shah will take up a new role within Fidelity's PM academy, focused on developing new investment talent. The £2.8bn Special Situations fund has returned 36.9% over one year and 50% over three years to 23 August, according to Morningstar,...