Anthony Bolton to retire from Fidelity China Special Situations

17th Jun 2013 13:48

Anthony Bolton is set to retire as portfolio manager of Fidelity China Special Situations next March.Bolton, who set up the China-focused fund in 2010 and is considered one of the UK's most successful fund managers, will be succeeded by Dale Nicholls on April 1st 2014. It brings an end to a difficult three years for Bolton as the fund has failed to meet expectations. The fund's listed unit price has fallen 9.0% while the MSCI China Index has risen 3.5%. "I don't regret it at all. China is the most fascinating place. This chapter on China is the most interesting thing I've ever done," Bolton said following the announcement, according to the Financial Times. The 63-year-old spent 28 years at the helm of the UK-focused Fidelity Special Situations fund which achieved a compound annual rate of return of 19.5%, against 13.5% for the broader market.He had came out of retirement to run the China Special Situations fund.Bolton said had been "pretty open" about his intentions to step down before the announcement which was made ahead of the fund's annual meeting. RD