Fidelity to boost equities team with City Financial fund buy
LONDON, July 22
LONDON, July 22 (Reuters) - Fidelity Worldwide Investment said on Tuesday it planned to boost its UK equities team by acquiring the City Financial UK Opportunities Fund, led by market-beating manager Leigh Himsworth.
Himsworth, formerly head of equities at City Financial, has managed the 70 million pound ($119.51 million) fund since 2011 and during that time has returned 54.53 percent against the index return of 46.9 percent, Fidelity said in a statement.
Himsworth focuses on small and mid-cap stocks and has 20 years of experience in portfolio management having previously worked at Royal London Asset Management, Gartmore and Eden Financial. ($1 = 0.5857 British Pounds) (Reporting by Simon Jessop, editing by Huw Jones)