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Fidelity has gone for the relatively safe choice in its choice of successor to Anthony Bolton as manager to take over Fidelity’s flagship Special Situations fund. It has opted for Sanjeev Shah, 36. He was one of the clear favourites and suggests Fidelity has listened to the alarm expressed by some IFAs at last year’s appointment of the completely unknown Jorma Korhonen to run the Global Special Situations Fund. Both the UK and global special situations funds have been suffering outflows since they were parted from each other in September. Shah is clearly Bolton’s choice – Citywire has some background on him – but his record is mixed. He has been at Fidelity for 11 years and while the UK Aggressive fund he ran between 2002 and 2005 did very well, the European Aggressive fund he has run since then has been less strong.
Thomson Corp today announced its offer for Reuters, much along the lines everybody expected. This was after winning the approval of the Reuters Founders Share Company, which has a ‘golden share’ in the UK media and information group. Reuters chief executive Tom Glocer, who will have the same titled at the enlarged group, played down the regulatory risks this morning. But we haven’t seen Bloomberg flex its political muscle yet.
A little taste of Shanghai has come to Bristol. Hargreaves Lansdown shares have jumped more than 30 per cent this morning on their first day – so either a ringing endorsement of the company or spectacular mispricing by Citigroup, depending on your mood.
Those Alea shareholders unhappy with the offer on the table from Fortress seem to have got part of what they wanted: an increased offer. Earlier, Alea said it had received a very preliminary unsolicited approach which may lead to a higher offer.
Finally, FT Alphaville has details of 3i’s plans to float its Quoted Private Equity fund.
By the way, our People editor, Emiliya Mychasuk, is at the Royal Dutch Shell AGM, Jorma Ollila’s first at chairman. Bit tricky though: while she is confined to the glamour of the Novotel in Hammersmith, the board stayed in The Hague.