Richard Skelt has retired from Fidelity after 23 years at the firm, Wealth Manager can reveal.
Skelt (pictured) joined Fidelity in 1991 as a research analyst, rising to head of quantitative research at the group in the mid-1990s. He also founded the Investment Solutions Group at Fidelity, the multi-asset team that now manages almost £25 billion.
In May last year Skelt stepped back from the funds he ran to focus on investment strategy, with James Bateman becoming lead manager on the £865 million Fidelity Wealthbuilder and £529 million Fidelity Moneybuilder Global funds.
Skelt remained as the funds’ co-manager and will be replaced in that position by Nick Peters, who joined Fidelity from Barclays Wealth in 2012.
Peters already helms Fidelity’s £1.2 billion International offshore fund, with Skelt as co-manager. In that role Skelt will be succeeded by Ayesha Akbar, who also runs the onshore £220 million Fidelity International fund alongside Peters.
A spokesperson for Fidelity told Wealth Manager: ‘We do not expect Richard’s departure to have a meaningful impact the management of our clients’ portfolios, given the team’s co-PM structure.
'There will be no change in style or approach, and no restructuring or disruption to the portfolios. The lead and co-PMs have been chosen based upon their asset-class expertise and experience, to represent the relevant mix of asset-class skill sets for each portfolio. They are all senior members of the team.’