Fidelity Worldwide Investment (FWI) plans to launch a Fast US fund to expand its range of FAST funds and build up the US portfolio for manager Adrian Brass.
The new FAST US fund is expected to launch at the end of June and will be supported by the 17-strong London-based research team at Fidelity that has been built up over the past six months. Brass’ new portfolio has been in pilot for two years and is now ready to go live.
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The FAST US fund will sit alongside the onshore GBP1.1 billion American fund, run by Peter Kaye, and the group’s American Special Situations fund, run by Angel Agudo.
Fidelity previously relied on the Boston-based research team of Fidelity Management and Research (FMR), but now has a team of its own US analysts. With the addition of the new fund, Fidelity aims to create a US equity research desk that can "rival anything in London".
Fidelity’s Richard Lewis told Investment Week, "The US is the widest, deepest, most frictionless market out there, which makes it less rational, not more rational. Fund managers in the US need to understand the behavioural nature of that market, and we want to create a base here to help them do that."
The new fund is an extension of Brass’s existing offshore America fund and will run both long and short positions, like the other FAST funds, which include the recently launched FAST Asia fund and the popular FAST Europe fund, which was soft-closed in 2012.
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