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30 Jan, 2008

Published: 12:34 Wednesday 30 January 2008
By: Charlie Parker, Investment Editor

Tim McCarron is to step down as manager of the Fidelity European Values investment trust.

He will be replaced by Sudipto Banerji a Fidelity veteran of seven years.

Banerji has worked alongside McCarron since April. McCarron took on the fund in November 2001 from Anthony Bolton.

Banerji was previously manager of the Fidelity Funds Global Industrials fund as well as an analyst covering European retail and banking stocks.

Fidelity has said that McCarron will continue to run the £4.8 billion FIF European fund.

The chairman of European Values, (FEV) Robert Walther said: 'Anthony Bolton, the original manager of the Company's portfolio, delivered strong returns for shareholders, as has the current portfolio manager Tim McCarron. We have every confidence that the new portfolio manager Sudipto Banerji will continue to produce the level of performance that shareholders expect from Fidelity European Values.'

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