Fidelity is adding to its business in the United Kingdom. The Boston Behemoth's international arm is preparing 12 mutual funds for European investors as part of an effort to ramp up its global multi-manager fund business. According to a Reuters report, the line-up will include three multi-asset funds and nine single strategy funds.

"Multi-managers assets are forecast to grow even faster over the next few years, averaging an annual rate of 18 percent between now and 2009 -- three times higher than mutual fund assets overall," stated Simon Fraser, President of Institutional Business at Fidelity International, said in a note.

The funds will be listed in Luxembourg, according to the report.

The funds of funds will follow a "high alpha" strategy, investing in stocks from across the world. The investments will be made in Europe, Asia and Japan and the United States.

Fidelity International is also preparing a Natural Resources fund and a European Property fund. The firm already offer five multi-manager funds in Europe. 

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