McCarron to leave Fidelity next year

Fidelity European fund manager Tim McCarron will depart the group early next year to take time away from the industry.

Sam Morse, manager of the MoneyBulilder Growth fund, will assume responsibility of the £3.55bn European vehicle from 1 January.

McCarron will stay with the firm until the middle of Q1 to ensure a smooth transition of the portfolio.

James Griffin will succeed Sam Morse as the manager of the MoneyBuilder Growth fund.

"Sam is a highly accomplished portfolio manager with a style that is well suited to the management of Fidelity European fund. I am confident that Sam will continue to build on the good long term track record that Tim has attained during his time managing the fund," Fidelity head of UK retail sales Peter Hicks says.

"Although Sam's investment style is similar to Tim's in a number of ways, I believe he brings a fresh approach to the fund. His excellent performance record on MoneyBuilder Growth fund will give added assurance to investors that Tim is passing over his responsibilities to a very worthy successor."