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Fidelity poaches Dalton's Kaye to run $1.6bn US fund

Fidelity poaches Dalton's Kaye to run $1.6bn US fund

Fidelity has hired Peter Kaye from Dalton Strategic Partnership and he will oversee the management of the group’s $1.6 billion offshore American fund from the first quarter next year.

Kaye will take the reins on the fund from Aris Vatis, who has resigned from the firm and leaves on 21 December.

Adrian Brass will run the fund in the interim period and continue to manage the Fidelity Funds America fund. However, he will pass on the management of the Fidelity Investment Funds (FIF) American Special Situations fund to Angel Agudo, who has been at the group for eight years.

As part of the reshuffle following Vatis’s departure, Aditya Khowala will take over his Fidelity Investment Funds (FIF) American Growth fund.

Kaye’s appointment is part of a wider restructure of Fidelity’s US equity team which has seen the investment management doubled from two to four portfolio managers.

He had been at Dalton Strategic Partnership since 2004 and prior to this was head of North American equities.

Over the three years to the end of November, the Melchior North American Opportunities fund he manages has returned 43.12% compared to a 40.98% rise in the S&P 500.

Dominic Rossi, global CIO for equities at Fidelity Worldwide Investment (pictured), said: ‘The combination of Peter and Adrian Brass, along with the transfer into the team of two of our most promising new portfolio managers creates many new opportunities for us to expand the breadth and depth of our fund range.'

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