Ex-Fidelity manager Clapp sets up new hedge firm

LONDON, May 16 (Reuters) - Former Fidelity International fund manager Graham Clapp has resurfaced at start-up hedge fund Pensato Capital, according to a regulatory filing seen by Reuters.

Clapp, who worked for Fidelity for 22 years and managed the 11.3 billion euro ($17.5 billion) Fidelity European Growth fund for four years until taking a career break last year, is one of the founders of Pensato, which was registered with Britain's Financial Services Authority last month. Over the four years to the end of December 2006, the Fidelity European Growth fund rose 118 percent, beating a 107 percent return from the FTSE Europe index and an average 90 percent gain among peer funds.

Clapp is joined at Pensato by Edward Rumble, formerly at Dawnay, Day Investment Banking and David Watson of Coller Capital. Pensato declined to comment. (Reporting by Laurence Fletcher; Editing by David Holmes)