Tim McCarron stepping down at Fidelity European

UPDATED: Surprise manager departure at a vaunted Fidelity fund

Christopher J. Traulsen, CFA 2 December, 2009 | 11:15AM
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Fidelity's all-star European manager Tim McCarron will be stepping down at the end of 2009, with Sam Morse scheduled to take the reins at his £3.66 bn Fidelity European fund.

The move is a surprising development to say the least. McCarron is having a struggle this year as he was too defensively positioned to benefit from the recent market rally, but his long-term record remains stellar and his fund had earned an Elite rating from Morningstar's qualitative research team.

Morse, manager of Fidelity Moneybuilder Growth<

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About Author

Christopher J. Traulsen, CFA  is director of fund research, Europe and Asia, Morningstar.