Fidelity shutters Eugene Philalithis' Diversified Growth fund
Fidelity manager Eugene Philalithis is set to retire at the end of March 2024.
The fund held £184m assets under management at the time of closure. According to Morningstar Direct, the strategy reached its peak in November 2015 with £325m AUM.
The Diversified Growth fund aimed to achieve long-term capital growth while limiting volatility. It followed a multi-asset approach and investing globally into a broad range of asset classes based on their risk profile.
Manager Jeremy Podger and multi-asset head Eugene Philalithis to retire from Fidelity
A Fidelity International spokesperson said: «We regularly review our range of products. We took the decision that the Fidelity Diversified Growth fund had become too small to manage cost-effectively. The fund was closed on 9 November.»
Launched in May 2008, the fund was co-managed by multi-asset portfolio manager Rahul Srivatsa and head of multi-asset Eugene Philalithis.
In September, Fidelity International announced that Philalithis would retire next year, handing over his responsibilities as a portfolio manager from 1 January 2024 and leaving the firm on 31 March 2024.
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