Siddle will start at the helm of the firm’s flagship European fund on 1 July and will also continue to manage the Fidelity European Larger Companies Fund, which he took on in October 2010.
The Fidelity European Growth fund has €6.99bn AUM and was launched on 1 October 1990. Since launch it has returned 634.9% compared to 454.3% from the MSCI Europe Index over the same period, while its 10-year rolling return is 30%, according to Fidelity.
Siddle’s European Larger Companies Fund has recorded positive relative returns in each of the last six quarters and is ranked seven out of 286 over his tenure, according to Morningstar.
He joined Fidelity in 1999 and spent five years as an equity analyst before becoming an assistant portfolio manager on the European Growth Fund and then managing a number of UK equity portfolios.
Scurlock is to begin working on a new discipline within the European team, focusing on a multi-asset portfolio with a cash reference index.
Dominic Rossi, global chief investment officer at Fidelity Worldwide Investment, said: "Matt is an experienced investor with a strong track record in managing European equities. His investment style aims to deliver attractive absolute and relative returns across market cycles and is particularly suited to volatile market conditions.
"It is centred on the idea of quality at an attractive price based upon a belief that high-quality companies are likely to be more resilient in volatile conditions and are likely to build sustainable value over the long-term."
On Scurlock’s new role, Rossi added: "Alexander has managed the fund through one of the most turbulent periods for equity markets in recent history. I am delighted that he will now bring his experience and expertise to bear in his chosen role establishing a new capability within the European equity team."
