The international unit of Fidelity Investments has decided to tear its British Fidelity Special Situations Fund in half and create two separate funds in the beginning of 2006. The Boston-based firm will also raise fees in an effort to slow the inflow of money.
The Special Situations fund is the largest and most successful international retail fund and has approximately $10 billion in assets.
Anthony Bulton manages all the assets and will continue to do so until the end of 2006.
The proposal must first be approved through an investor vote, where at least 75% must agree for it to go into effect.
The new fees for the fund will be 5.25%, but only for new contributions.