Co-manager of the £2.1bn Fidelity European Trust (FEV) Sam Morse will retire in October 2027, according to an update published on the London Stock Exchange today (8 September 2026).
Morse, who has managed the trust for 15 years, is also lead manager of the £3.8bn open-ended Fidelity European fund.
He joined Fidelity as a research analyst in 1990, becoming a UK equity portfolio manager four years later. After moving to M&G as its head of UK equities in 1997, Morse returned to Fidelity in 2004 as head of its institutional UK equity team. He began running Fidelity European in 2009, and FEV in 2011.
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Since Morse became lead manager of the Fidelity European fund, it has returned 342.2%, compared to its sector average and MSCI Europe ex UK benchmark’s respective gains of 295.7% and 282.3%, according to FE fundinfo data.
FEV has gained 459.9% under Morse’s tenure, outperforming its average peer and FTSE World Europe ex UK benchmark by 112.5 percentage points and 151.8 percentage points, respectively. The trust is trading on a 4.8% discount to its net asset value, according to AIC data.
Succession plan
From November this year, Morse and co-manager Marcel Stötzel will be joined by Alexander Laing in managing FEV. Laing, who has been at Fidelity since 2011, currently runs the firm’s Climate Solutions fund, its Circular Economy strategy and is co-manager on the Fidelity Funds – Water & Waste fund.
There will be no change to FEV’s investment process or philosophy, according to the trust’s board.
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Commenting on Morse’s retirement, board chair Davina Walter said: “Bringing Alexander into the portfolio management team at this stage provides an extended period for him to work closely alongside Sam and Marcel, supporting a smooth transition of responsibilities over a 12-month period. Alexander also brings complementary portfolio management experience and investment expertise to the team.”
She added the board is grateful for Morse’s “continued commitment to the company and his support in the long-term succession plan, as well as for the significant contribution he has made to FEV’s success over the past 15 years”.
