Alex Wright was named portfolio manager of the Fidelity Special Situations Fund at Fidelity Worldwide Investment, according to company spokeswoman Keren Holland.
Mr. Wright will replace Sanjeev Shah, who will step down from the position at the end of the year to take on a new role, focused on developing new investment talent. Mr. Shah has managed the Fidelity Special Situations Fund since Jan. 1, 2008.
Beginning Jan. 1, Mr. Wright will assume full responsibility for managing the £2.8 billion ($4.4 billion) U.K.-domiciled fund. He will report to Paras Anand, head of European equities at Fidelity Worldwide Investment.
Mr. Wright will remain portfolio manager of Fidelity Special Values PLC and co-manager of Fidelity U.K. Smaller Companies Fund alongside Jonathan Winton.