Morningstar OBSR has downgraded the Fidelity Special Situations fund rating from silver to neutral following the announcement that Sanjeev Shah will be stepping down as manager.
Fidelity announced yesterday that Shah would be stepping down from fund management after 17 years in the industry at the end of 2013 in order to take on a new role within Fidelity's PM academy. Morningstar OBSR said in a statement that while it has a "high regard" for incoming manager Alex Wright, taking over the £2.8bn fund will present him with new challenges. The agency said in a statement: "Following the announcement that Sanjeev Shah will be stepping down from managing Fidelity Special Situations on 1 January 2014 to be replaced by Alex Wright, Morningstar OBSR has changed the fu...
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