Fidelity to merge Global Property fund into Global Enhanced Income vehicle as manager exits

Dirk Philippa to depart in March

Fidelity International has proposed merging its £109m Global Property fund into the larger £234m Global Enhanced Income fund, as manager Dirk Philippa departs.

In a letter to shareholders seen by Investment Week, the firm said the Global Property fund has become "uneconomic to operate" after its size was reduced by more than half over the last four years due to outflows and market movements.   Dirk Philippa, who has managed the UK-domiciled Global Property portfolio since 2013, will leave Fidelity at the end of March after 20 years at the firm. In the interim period between Dirk's departure and the proposed merger, portfolio manager Akihiko Murai will manage the fund. The proposed changes will be put to shareholders of the fund for approval ...