Sanjeev Shah will succeed Anthony Bolton as portfolio manager of the £3.2 billion ($6.3 billion) Fidelity Special Situations Fund, according to a news release from Fidelity International. Mr. Shah will work closely with Mr. Bolton through the end of 2007, when Mr. Bolton will continue as a managing director but shift to a different role working on investment and product strategy as well as mentoring asset managers. The Special Situations Fund delivered a 20% annualized return since inception in 1979. The fund reached £6.5 billion in 2006 when it was split in half between U.K. equities and global equities; Jorma Korhonen runs the global equities spinoff, the Fidelity Global Special Situations Fund.
Mr. Shah, who joined Fidelity in 1996, recently ran £2.3 billion Fidelity European Aggressive Fund; Mario Frontini will become fund manager as of June 1.