Fidelity International has been appointed investment manager of the £1.2bn Genesis Emerging Markets fund as Genesis Investment Management's approach no longer aligns with the board.
Genesis Investment Management, which has run the fund for three decades, has stepped back from the trust as its investment approach "does not align well" with the board's proposals to use derivates and leverage as well as their wish to focus on retail investors. In a statement, Genesis said their "absolute focus on investment performance means resisting any external pressures to amend its approach in return for short-term, transient gains". Pending shareholder approval, the investment company will transition to Fidelity in September and be renamed Fidelity Emerging Markets Limited. T...
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