Fidelity fund manager steps down on lackluster performance

Renowned British investor Anthony Bolton will step down from his role as fund manager at Fidelity following the disappointing performance of his US$722 million China Fund, The Guardian reported. Dale Nicholls, who currently manages the firm’s Pacific funds, will take Bolton’s place next year. Bolton will remain on the board at Fidelity as an adviser to the company and as a trustee of its charitable foundations. Famous in investors circles for his several multibillion dollar London deals and Special Situation Fund, Bolton’s China Special Situation Fund opened to much fanfare in 2010 but failed to repeat past success as the China fund sector has contracted.