Fidelity Mutual Fund has announced a change in the fund management of its equity schemes. With effect from June 1, 2009 Sandeep Kothari will be managing Fidelity International Opportunities Fund, while Nitin Bajaj will be taking over the management of Fidelity India Special Situations Fund.
These changes are the result of Rajesh Singh being reallocated to Fidelity’s Hong Kong office. Singh was managing both these funds.
Sandeep Kothari is currently managing three funds at Fidelity namely, Fidelity Equity, Fidelity Tax Advantage and Fidelity India Growth. The combined average assets management (AAUM), of these three funds as on April 30, 2009 was Rs 3,179.86 crore. Launched in April 2007, the AAUM of Fidelity International Opportunities, that Kothari will be managing, is Rs 637.63 crore. The Opportunities Fund has a mandate to invest in Indian and international markets with a focus on Asia. This opportunistic fund follows a bottom-up stock-picking approach.
Nitin Bajaj has been reallocated from Fidelity’s London Office to Mumbai. The AAUM of Fidelity India Special Situations, that Singh will look after, was Rs 847.14 crore. This fund was launched in April 2006 and has a mandate to invest in companies facing special situations or out-of-ordinary conditions like mergers or acquisitions, new products or new business streams.