Manager Jeremy Podger and multi-asset head Eugene Philalithis to retire from Fidelity
investmentweek.co.ukJeremy Podger (left) and Eugene Philalithis (right).
Podger, who also manages the Fidelity Funds — World fund and a range of institutional mandates, will step back from active management on 31 March 2024, but will remain in the business as a senior adviser, offering «leadership and mentorship» to investment colleagues.
He brings to an end a 36-year investment career, first joining Fidelity in March 2012, following roles with Threadneedle, Investec and Saudi International Bank.
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Podger will be replaced by two as-yet-unnamed «industry veterans», who each bring roughly 20 years' industry experience to their new roles as co-portfolio managers, according to an internal document seen by Investment Week.
They bring a «relatively strong long-term track record» and have each been part of the building of their «respective equity teams». The co-managers are «bottom-up stock pickers with a historical research analyst background».
A spokesperson for Fidelity said: «We are hugely grateful to Jeremy for his dedication, teamwork and investment leadership and will be working closely with him over the coming months to ensure a seamless handover of responsibilities.»
More detail regarding the new team members is due early 2024.
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Darius McDermott, managing director of FundCalibre, praised Podger's «very successful career», noting his first quartile performance during his tenure as manager of Fidelity Global Special Situations, beating his average peer by almost 100 percentage points.
«While we wait to hear who the successors on the fund will be, it is reassuring to know that Jeremy has been involved in the selection process and that he
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