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Fidelity targets £630m for new Bolton China trust
Thu, 09 Feb, 2012
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Fidelity targets £630m for new Bolton China trust
Wed, 10 Feb 2010, 08:18:00
<b>Fidelity</b> wants to raise £630m for <b>Anthony Bolton's</b> new China Special Situations investment trust, which, if it makes it, would be the largest new investment trust launch in years. The new trust will available to the UK public through an offer from 26 February. The closing date will 5 April and first dealings 19 April. Fidelity is pushing ahead with the launch despite recent concerns that the Chinese economy could be running too fast following government attempts to cool a recent lending binge by its banks. Bolton, who achieved legendary status through the performance of the Special Situations fund he ran from 1979 to 2007, has no doubts over the potential. "I am very confident that there will be very many stock-picking opportunities in China in the years to come. History shows that many developing countries go through acceleration in their growth once GDP per head reaches a critical level, a phenomenon called the S-curve effect, " he told the FT. He suggests China is currently in a position where incomes per head of population rise steadily and levels of consumption increase at an accelerating rate for a period of time.
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