US equity manager Adrian Brass is to leave Fidelity and join Majedie, with the boutique planning to launch a new fund for him.
Brass (pictured) has run the £2.9 billion Fidelity America fund for the past six years; over the past three years, it has returned 40.9% compared with a peer-group average of 36.5%.
‘Over the past few years Majedie has developed a top-notch global equity capability, largely in response to client demand. We are excited that Adrian is joining us, as he represents an important piece of that global jigsaw,’ commented Majedie chief executive Rob Harris.
Record added: ‘We share the same long-term outlook and have complementary investment approaches; his own track record in US equities speaks for itself.’
Brass came to Fidelity in 2006, initially managing a global consumer sector fund. Previously he managed global equity funds at Investec Asset Management, which he joined in 2000 from Schroders, where he was a UK and then pan-European analyst.
He will be succeeded on Fidelity America by Angel Agudo, who currently manages the £263 million Fidelity American Special Situations fund. Over the past three years, this has returned a top-quintile 42.7%.