Fidelity International is to merge its multi-asset fund range with its multi-manager multi-asset open range.
The merger has been prompted by the fact that both fund ranges have similar investment objectives and risk-return profiles.
Fidelity says that the merger, which is expected to be completed by the end of March, is designed to deliver increased efficiency for clients accessing active managers from across the investment industry.
The newly-merged range will be managed by Bill McQuaker, the current manager of the open range.
The Bermuda-based firm also claims that the merger will lead to investors benefiting from the open range’s lower ongoing charges.
James Bateman, chief investment officer for Fidelity multi asset, said: “Our move to a ‘manager of manager’ structure last year was a major milestone for Fidelity’s multi asset business.
“It has enabled lower-cost access to a broader range of third-party managers, giving our portfolio managers an enhanced toolkit to deliver the right outcomes for clients.”
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