Toronto-based Fidelity Investments Canada ULC has announced that Bruce MacDonald is retiring from his post as portfolio manager of the Fidelity Far East Fund at the end of the year.
Xiaoting Zhao, who joined MacDonald as co-manager of the fund in January, will assume sole responsibility for the fund’s management following MacDonald’s retirement.
According to a release, Zhao will bring a more growth-oriented investment style to the fund, which is expected to result in a potentially meaningful capital gains distribution at year-end to existing and new investors in the fund, including the Fidelity Far East Class.
The capital gains distribution from the Far East Class will be deferred by a year and may change subject to market conditions, the release said.
The investment objectives and strategies of the fund will remain the same.