Vatis, who joined Fidelity in June 2006 and manages the £1bn Fidelity American Fund and the offshore $269m Fidelity Funds American Growth Fund, will leave the asset manager on 21 December.
The Fidelity American Fund is first quartile since launch in December 1979 but performance has been more muted in recent timeframes. The fund is third quartile over five years and fourth quartile over one and three years, according to its October factsheet. Vatis took over the portfolio in February 2007.
Fidelity has hired Peter Kaye from Dalton Strategic Partnership, where he runs two North American equity funds. Kaye joins the firm in the first quarter of 2013 and will take over Vatis’ Fidelity American Fund.
In the interim period, the fund will be managed by Adrian Brass. Brass will continue to run his £1.9bn Fidelity Funds America Fund.
Dominic Rossi, global chief investment officer for equities at Fidelity Worldwide Investment, said: “Peter Kaye’s appointment adds an exciting new dimension to our US equity portfolio management team.
“The combination of Peter and Adrian Brass, along with the transfer into the team of two of our most promising new portfolio managers, creates many new opportunities for us to expand the breadth and depth of our fund range.”
Vatis’ Fidelity Funds American Growth Fund will be given to Aditya Khowala while Angel Agudo will take over Brass’ £238m Fidelity American Special Situations Fund.
Khowala and Agudo, who both started at Fidelity as analysts before recently being given portfolio management responsibilities, have been with the firm’s investment team for seven and eight years respectively.
Brass is expected to launch a new US equity fund for asset manager in the first half of 2013, after Kaye takes over the Fidelity American Fund.
