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Fidelity hands Asia fund to veteran as A-rated manager exits

Fidelity hands Asia fund to veteran as A-rated manager exits

Fidelity has named Citywire AA-rated Raymond Ma as lead manager on its Taiwan-focused fund following the departure of Hiromasa Ikeda.

Ikeda, who was Citywire A-rated, had overseen the Fidelity Funds – Taiwan fund since taking over from Jess Tan in January 2012. This move marks the end of Ikeda’s 12 years with the firm.

Ma had worked in a support capacity on the $132 million fund during Ikeda’s tenure. As such, the investment philosophy of the fund will not alter with the manager change.

In taking on the Taiwan fund, Ma will now oversee four funds focused on the Asia market. These include the Fidelity Funds – China Consumer and Fidelity Funds – Greater China funds, as well as the UK-domiciled Fidelity China Consumer fund.

Citywire Selector profiled Ma in is Star Manager feature in October 2014 following a strong run of performance on the China Consumer fund. This strategy currently has $1.3 billion in assets under management.

A spokesperson for Fidelity confirmed that the change formally took place at the end of February and added Ma’s work across the Greater China fund includes a strong familiarity with the Taiwan investment market.

The Fidelity Funds – Taiwan fund returned 25.9% over the three years to the end of February 2016 in Taiwanese dollar terms. This compares to a rise of 17.4% by its Citywire-assigned benchmark, the TAIEX TR, over the same timeframe.

Extending this to January 2012, which covers 50 months of performance covering Ikeda’s tenure, the fund returned 40.4% against a benchmark rise of 28%.

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