Divide And Conquer Some More At Fidelity?

After 27 years heading its U.K. Special Situations Funds, Fidelity Investments’ Anthony Bolton has announced that he is dividing the $12 billion fund into separate global and U.K. instruments.

After 27 years heading its U.K. Special Situations Funds, Fidelity Investments’ Anthony Bolton has announced that he is dividing the $12 billion fund into separate global and U.K. instruments, Dow Jones Newswires reports. Bolton, who’s been running the fund since he found it in 1979 – making him Europe’s longest-serving fund manager – has tapped Fido’s Jorma Korhonen, to take over the new Global Situation Fund after Bolton gets the fund rolling. The target launch date is Sept. 18; Bolton plans to run it until the end of the year. In a letter to investors, Bolton explained that the split will allow for additional overseas investments as the Special Situations Fund currently is permitted to invest only 20% of its assets in non-U.K. companies. The move is seen as preparation for Bolton’s eventual retirement from the daily operations of the fund in 2008.