Fidelity to close Philalithis' multi-asset fund next month

Low level of interest

Fidelity is closing the Target 2020 fund next month due to a lack of client demand.

  No new investments into the Fidelity Target 2020 fund will be accepted after 3 September and as of 10 September all remaining holdings in the will be compulsorily redeemed. Launched in 2007 and managed by Eugene Philalithis since April 2014, the £19m fund has returned 1.4% over one year to 29 August, FE data shows. Fidelity finalises move to segregated mandates on multi-asset range A spokesperson for Fidelity said: "The fund has become too small to manage cost-effectively and we have decided that the closure will be in the best interests of investors." Philalithis manages a...