Fidelity Worldwide Investment has purchased the £70 million City Financial UK Opportunities fund in a move to expand its UK equities team.
As part of the acquisition, Fidelity hired manager Leigh Himsworth, who previously managed the Opportunities fund and formerly served as head of equities at City Financial.
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Fidelity acquired the fund so that it will retain Himsworth as manager for its investors.
In his new role at Fidelity, Himsworth will join his former Eden Financial colleague Dan Roberts.
The fund, which was run by Himsworth since 2011, returned 54.5%, against the index return of 46.9%.
Dominic Rossi, global CIO for equities at Fidelity, said: "Leigh is a shrewd and experienced investor and we are confident the combination of his expertise and the substantial research capabilities of Fidelity will prove to be a winning combination for current clients and the many new investors who we hope to attract into the fund."
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