Korhonen resigns as manager of Fidelity Global Special Situations
Jorma Korhonen, manager of the poor-performing Fidelity Global Special Situations fund, has resigned, and will be replaced by Threadneedle’s head of global equities Jeremy Podger.
Podger, who is also manager of the Threadneedle Global Select fund, will start his tenure at the beginning of March.
Until then, management of the Global Special Situations fund passes immediately to Sudipto Banerji, the current manager of Fidelity Global Opportunities.
Before 2006, the fund was managed by award-winning manager Anthony Bolton. It was then spun off into two separate funds: Global Special Situations and Special Situations, the latter being managed by Sanjeev Shah.
The $2.5 billion global fund has struggled under Korhonen’s management.
According to Money Observer data, over the past year it has lost 6 per cent, while over six months it has lost 14 per cent, placing it in the bottom quartile.
We highlighted the poor performance of the two spin-off funds in the December issue of Money Observer. To read the feature, click here.