Just as investors were heralding the split of Fidelity UK Special Situations into two separate funds, others lashed out at the firms’ choice for manager to head spin-off, the Global Situations Fund. Fidelity Investments tapped Finn Jorma Korhonen, described by Reuters as “relatively unknown” in the industry, to head the new global version of the fund, and many fund managers say they are “puzzled” by the decision. “Why couldn’t a company with Fidelity’s clout have brought in a Special Situations manger with a track record,” questioned Stevenage’s Colin Coombe, an investor in the fund. Anthony Bolton, who has run the fund since its launch in 1979, will continue to run the U.K. portion of the fund until he retires next year. Korhonen is reportedly being groomed to take over the fund when Bolton departs.
