Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a700509
Shah: It's been absolutely fabulous but I no longer want the intensity
by Sarah Miloudi on Sep 03, 2013 at 13:05
Speaking during a media briefing about his decision to leave fund management and take up a post within Fidelity's academy, where he will mentor both new managers and senior analysts, Shah said his 17 years at the firm had been 'absolutely fabulous', but the role demands '110% effort and focus', and he had made a personal decision that he no longer wanted that 'intensity'.
Shah (pictured) took on £2.7 billion Fidelity Special Situations from fellow star manager Anthony Bolton in 2007.
The pair are a good match in terms of their contrarian approach to stock picking and will spend the remainder of the year working closely together to ensure a smooth transition of the fund to Wright during January.
'It's a very gradual process of transition,' Shah said, giving investors a taste of what they might expect in the months running up to Wright taking full control of the fund.
Shah also insisted he was not 'burned out' and that his decision to step back from fund management had been taken over several months and was not linked his recent upturn in performance.
Also in the briefing, Shah and Wright talked about their style of investing and what might be in store for the flagship fund under AAA-rated Wright's tenure.
Both said pharmaceuticals are undervalued over the longer term and that recovering banks present a multi-year opportunity.
Shah and Wright also share underweights in commodities and tobacco stocks, and Shah said their view on commodities in particular was unlikely to change over the near term.
News sponsored by: