Chiandetti currently manages Fidelity’s Italy and Switzerland funds. The Italian fund has returned 37.4% over the past three years and the Switzerland strategy 38.5%, compared with sector averages of 23.1% and 32.7% respectively.
He will work alongside Stone (pictured) until Chiandetti assumes full responsibility for the fund on 1 October 2014.
Following the handover Stone will concentrate on Fidelity’s European small cap strategy, which has returned 31.6% over the past three years compared with an average of 32.2% from its peer group.
Chiandetti will continue to manage both the Italy and Switzerland funds, and Fidelity has allocated him dedicated resources to support the two strategies.
‘Alberto’s appointment shows the depth of talent within Fidelity’s investment team,’ said Paras Anand, head of European equities at Fidelity.
‘UK investors in Europe ex-UK strategies are increasingly looking for concentrated funds with a high level of active money and we believe Alberto is a good fit given his strong record of running money in this style.’
Anand added: ‘Throughout his tenure, Colin has applied a consistent investment approach and delivered strong returns over the long term. With his small-cap mandates having experienced significant growth, now is the right time for him to dedicate his resources to this strategy, supported by other members of his team.’