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“Jorma man,” Anthony Bolton has at last declared. But in picking an unknown Finn, Jorma Korhonen, to take over part of Fidelity’s £6bn flagship Special Situations fund, Bolton has surprised everyone. Apparently the looks of astonishment around the room when Korhonen was presented at a dinner last night (under embargo) to a group of journalists, IFAs and others were truly comical. We’ll try to tell you as much as we can about him in tomorrow’s paper, although getting a photographer to intercept him as he flies around the country seeing IFAs would challenge Anika. Sanjeev Shah and Tim McCarron were regarded as leading candidates for the job Korhonen got. They might still fight it out to succeed Bolton when he gives up the other half of the Special Situations fund next year but presumably at least one of them will think of leaving.
BT has announced its riposte to Carphone Warehouse in the broadband market, although it is not taking on Charles Dunstone’s company on price. At the same time, Telefónica is buying a broadband company, Be, to take 02 into fixed-line broadband for the first time. It is paying £50m. These two stories, combined with Orange’s broadband announcement the other day, are very significant for what they tell us about the new battleground in telecoms services. We’ll give them a good show tomorrow.
Strange moves at Cairn Energy. The finance director, Kevin Hart, is leaving just before the oil exploration group spins off its Indian operation, to become chief executive of BowLeven, its rather wretched rival. Cairn shares are off nearly 2 per cent; BowLeven’s are up almost 9 per cent.
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