Anthony Bolton, one of the UK's most successful managers, will return to managing money in 2010. According to Fidelity International, Mr Bolton will manage a new portfolio investing in China and China-related opportunities which is likely to be launched at the end of the first quarter of next year.
Since stepping down from day-to-day fund management in December 2007, Mr Bolton has focused on mentoring Fidelity's younger fund managers and analysts.
Commenting on his decision to return to fund management, Mr Bolton said: "I firmly believe that China is the investment opportunity of the next decade. I have been a regular visitor to China since 2004, when I started meeting and investing in Chinese companies. After spending the last few months in Asia, I have become increasingly excited by the prospect of managing a portfolio investing in the tremendous growth potential of China."
Mr Bolton, who is best known for his stewardship of the Fidelity Special Situations Fund, plans to relocated to Hong Kong in the early part of 2010 in readiness for the launch if the new fund around the end of March.
John Ford, Fidelity Internationals' chief investment officer for Asia Pacific, commented: "Anthony's decision to move to Hong Kong and return to portfolio management is a clear recognition of the significant investment opportunities in China over the next decade."
Mark Dampier of Hargreaves Lansdown said he is not surprised by Mr Bolton's impending return to fund management. "Once a fund manager always one. I expect he has got bored of retirement and quite frankly if it's in your blood, and you enjoy what you do, why leave in the first place?" Mr Dampier added that while interest in the fund will depend on what the volatile China market is doing come March next year, given Mr Bolton's reputation and investors' love for the emerging market story, he expects huge investor interest in the fund.
| MORE BOLTON WISDOM... |
|---|
"China is one of the great emerging market stories, whereas the UK is quite stale and Anthony knows this. In a sense he is getting back to his roots; seeking out dynamic, new opportunities in an exciting area. He has been a keen emerging market man for some time and his Special Situations fund also had China stocks. A newish stock market with a great macro story was just too exciting for him to stay away from," explained Mr Dampier, although he added that it is interesting to note that Mr Bolton, who in the past was never one to take macro views, is now taking a macro stance.
Fidelity International opened its Hong Kong office in 1981, set up a representative office in China in 2004, now located in Beijing, and established a software development facility in Dalian in 2007. The company boasts over 16 years' experience investing in China and currently has a dedicated team of three portfolio managers managing Chinese equity funds, supported by five research analysts and three equity traders. The China Focus Fund, managed by Martha Wang, is one of the largest offshore retail mutual funds investing in China, at over US $4bn (£2.4bn).
