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Rating:Fidelity Favors China, Luxembourg and Tunisia Over India and the UK Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 08, 2010

Fidelity Favors China, Luxembourg and Tunisia Over India and the UK

News summary by MFWire's editors

Fidelity [see profile] is pulling back a bit from the United Kingdom, even as its doubles down in other countries around the globe. Financial News' Mike Foster reports that the Boston-based mutual fund titan will reduce its UK headcount 2,000 to 1,500 over the next five years, without "making anyone redundant," even as Fidelity plans expansions to its teams in China, Luxembourg and Tunisia (and cuts to its team in India.)

Fidelity's current UK headcount is already down by half from its peak, and Financial News (a Dow Jones publication) put the cuts in the context of a broader trend among asset managers in the UK.

"The UK does not seem to appreciate how good, but also how fragile, London's position as the world's largest asset management centre is," Investec Asset Management CEO Hendrik du Toit told Financial News.

"When looking at where to build resources for the organisation in the future we reveiwed a number of jurisdictions," Fidelity UK chief Robert Higginbotham added. "Part of that process takes account of tax, government policy and the regulatory environment. Increasingly, the UK doesn't score as favourably as it used to." 

Edited by: Neil Anderson, Managing Editor

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