Alex Denny, who was previously director of investment trusts at Fidelity, has taken over the role which will see him develop and deliver the strategy for the group’s investment trusts business and head the team responsible for day-to-day management.
McCabe, who is retiring from the role she held for four years to pursue non-executive director career, will remain on the board of the Fidelity Special Values, which reported strong annual results yesterday.
Including Special Values, Fidelity manages five investment trusts, which invest across the UK, Europe, China, Japan and Asia Pacific. The biggest in terms of assets is Fidelity China Special Situations, the fund launched by Anthony Bolton in April 2010 and run by Dale Nicholls since January 2014.
The others are Fidelity European Values (£955m), Asian Values (£257m) and Japanese Values (£198m).
