Hargreaves Lansdown 'reduces conviction' on Fidelity Sustainable MoneyBuilder Income fund
Sajiv Vaid (pictured), is set to retire at the end of the year.
Vaid announced his retirement in January, and will remain in an advisory capacity at the firm until the end of 2023, but will step down from his managerial duties at the end of next month.
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His remaining co-manager Kris Atkinson will be promoted to lead portfolio manager after his departure, and will be joined by new co-manager Shamil Pankhania, who joined the business at the end of January 2023.
Atkinson has co-run the fund for five years, after joining Fidelity in 2000 in the investment analyst team.
While Atkinson and Pankhania were both regarded as «experienced investors in their own right» by HL senior investment analyst Hal Cook, he said: «The loss of an experienced investor in Vaid does reduce our conviction in the fund.»
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Cook added that Atkinson had a «great understanding of how to make the most of the significant resources available to him at Fidelity».
«In Pankhania, Fidelity have appointed a bond investor with experience of managing responsible corporate bond funds, which is well aligned with how this fund is invested,» Cook said.
Cook praised the «smooth handover» and ample notice provided for Vaid's retirement.
He added his firm had had a chance to meet the new management team «on a number of occasions», and was reassured that the new co-managers will have the chance to work together for several months ahead of Vaid's retirement.
«For these reasons we will retain the Fidelity Sustainable MoneyBuilder Income fund on the Wealth Shortlist,» he said.
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