Anthony Bolton

Last updated

Anthony Bolton (born 7 March 1950) is a former investment fund manager and successful investor in the United Kingdom. He managed the Fidelity Special Situations fund from December 1979 to December 2007, and then managed Fidelity China Special Situations PLC, a London Stock Exchange listed investment trust, until his retirement in April 2014. He is also a musician and a composer.

Contents

Education and career

Educated at Stowe School and Trinity College, Cambridge, Bolton left with a degree in engineering and business studies. He pursued a career in the city where, age 29, he was recruited by Fidelity as one of their first London based investment managers. He is now President of Investments at Fidelity International Limited   [1] and manager of Fidelity China Special Situations PLC.

Bolton began managing Special Situations (a UK equity OEIC) when he joined Fidelity in 1979 and continued until 2007. He managed other funds alongside Special Situations during this time. From November 1985 to December 2002, he managed the Fidelity European Fund (a European equity OEIC). He managed Fidelity European Growth fund (a European equity SICAV) from 1990 to 2003, Fidelity European Values PLC (a UK-listed investment trust) from 1991 to 2001 and Fidelity Special Values PLC (also a UK-listed investment trust) from 1994 to 2007.

In 2006 his Special Situations Fund was split. The success of the fund had brought in so much money from investors, it had become the UK's largest open ended fund (OEIC) and it was feared that the fund was becoming too big to manage successfully.  [2] The fund was split into UK and Global Special Situations funds, with the Global fund passed to Jorma Korhornen and the UK fund continuing under Bolton's stewardship until the end of 2007.  [3] With Bolton's step back from fund management, many questioned whether the fund could continue to outperform the market in future.  [4] Sanjeev Shah succeeded Anthony Bolton as the manager of the UK Special Situations Fund in January 2008. The fund remained in the first decile over the first two years of Shah's tenure.  [5] Bolton's former funds suffered amongst the worst redemptions in 2007. Investors withdrew £335m from the Special Situations fund and £508m from Global Special Situations. However, redemptions in both funds slowed significantly in 2008 and in March 2010, at £3 billion, the UK fund was almost back to the same size as when Bolton stepped down.  [6] [7] Over the 28-year period of Bolton's management, the fund achieved annualised growth of 19.5%, well in excess of the 13.5% growth of the wider stock exchange, turning a £1,000 investment into £147,000.  [8] When he ceased managing funds in 2007, Bolton took a full-time role mentoring and developing newer investment managers.[ citation needed ]

Fidelity China Special Situations

In 2009 he announced his return to fund management and in April 2010 moved to Hong Kong to begin managing the newly launched Fidelity China Special Situations PLC, an investment trust listed on the London Stock Exchange. [9]

The fund attracted high levels of investment, being fully subscribed at £460 million on issue in April 2010, and was initially trading at a premium to its net asset value due to high demand for the shares, whereas most investment trusts trade at a discount (in reflection of the fact that management costs damage returns). A second share issue in February 2011 was also fully subscribed, raising £166.5 million. [10] [11]

Although initially performing well, the fund suffered in 2011, and as of 14 November 2011 it was 5th out of 6 trusts in its sector, losing 34% of its value in 2011 and trading at 78p, well below its £1 initial flotation price. [12] By the time in 2014 that Bolton handed over the management of the Trust which continued his strategy the share price had recovered and had outperformed the China Index over his four year tenure.

Compositions

Whilst at Trinity, Cambridge, reading Engineering, Bolton, a pianist and cellist, studied composition with Nicholas Maw. In 2002 Bolton resumed composition studies, taking lessons from Colin Matthews and Julian Anderson.

Chamber works include a solo cello suite, wind quintet, octet (for the same combination as Schubert's) and Paesaggi, a five-movement piece for 16 players. Vocal works include two song cycles: Black Sea for tenor to poems by Canadian Mark Strand and Songs from the Middle Kingdom for soprano on eight ancient Chinese poems. The Save the Children anniversary in St Paul's included Bolton's anthem Children of Earth. A Garland of Carols (upper voices, harp), modelled on Britten's Ceremony of Carols, premièred at St Paul's Cathedral in 2006. A seven-movement orchestral suite The Seven Wonders of the Ancient World was composed 2005- 2015. [13]

In 2014 he began composing a two-act opera The Life and Death of Alexander Litvinenko to a libretto by Kit Hesketh-Harvey. The world premiere took place at Grange Park Opera on July 15, 2021, having been preceded there by a public rehearsal on July 13.

Bolton cites Benjamin Britten as one of his main compositional influences.

Private life

Bolton has three children. The family charity, The Boltini Trust, is a supporter of contemporary music.  [14]

In September 2009 he was a guest on Private Passions , the biographical music discussion programme on BBC Radio 3. [15]

Bibliography

Related Research Articles

Fidelity Investments, commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is one of the largest asset managers in the world with $4.3 trillion in assets under management, and, as of December 2022, their assets under administration amount to $10.3 trillion. Fidelity Investments operates a brokerage firm, manages a large family of mutual funds, provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance.

An investment trust is a form of investment fund found mostly in the United Kingdom and Japan. Investment trusts are constituted as public limited companies and are therefore closed ended since the fund managers cannot redeem or create shares.

A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, and also properties, mortgage and cash equivalents. Those investing in the trust own "units" whose price is called the "net asset value" (NAV). The number of these units is not fixed and when more is invested in a unit trust, more units are created.

<span class="mw-page-title-main">Man Group</span> British alternative investment management business

Man Group plc is an active investment management business listed on the London Stock Exchange. It provides a range of funds across liquid and private markets for institutional and private investors globally and is the world's largest publicly traded hedge fund company, reporting $151.4 billion in funds under management as of March 2022. The firm is headquartered at Riverbank House in London and employs over 1,400 people in various locations worldwide. The company was a sponsor of the Man Booker Prize from 2002 to 2019.

An open-ended investment company or investment company with variable capital is a type of open-ended collective investment formed as a corporation under the Open-Ended Investment Company Regulations 2001 in the United Kingdom. The terms "OEIC" and "ICVC" are used interchangeably with different investment managers favouring one over the other. In the UK OEICs are the preferred legal form for new open-ended investment over the older unit trust.

<span class="mw-page-title-main">M&G</span> British fund management company

M&G plc is a global investment manager headquartered in the City of London. Since its de-merger from Prudential plc, it has been listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Neil Russell Woodford CBE is a former fund manager and the founding partner of the defunct Woodford Investment Management.

Man GLG is a discretionary investment manager and a wholly owned subsidiary of British alternative investment manager Man Group plc. It is a diversified and multi-strategy fund manager that operates strategies including equity long-short funds, convertible arbitrage funds, emerging market funds and long-only mutual funds. The firm is also a founding member of the Hedge Fund Standards Board and a signatory of the Principles for Responsible investment. As of 2022, Man GLG had $35.4 billion assets under management.

<span class="mw-page-title-main">Jupiter Fund Management</span> British fund management company

Jupiter Fund Management is a UK fund management group, managing equity and bond investments for private and institutional investors. The company manages assets across a wide range of international and UK based mutual funds, investment companies and institutional mandates, as well as providing wealth management services. The Company offers a variety of equity portfolios specialising in markets such as the UK, Europe, Asia and other emerging European nations, as well as multi-manager funds and specialist thematic investments such as absolute return funds, socially responsible investment funds and global financial funds. It also has a growing fixed interest franchise, with a focus on investing in high grade corporate bonds, strategic bonds and convertibles. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Mercury Asset Management plc was a leading British investment management business. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.

Fidelity China Special Situations is a large British investment trust dedicated to long-term investments in Asia. Established in 2010, the company is a constituent of the FTSE 250 Index. The chairman is Nicholas Bull. The fund is managed by Dale Nicholls of Fidelity International.

<span class="mw-page-title-main">Investment fund</span> Way of investing money alongside other investors

An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to:

<span class="mw-page-title-main">BCA Research</span>

BCA Research Inc. is an independent provider of global investment research and investment strategy advice. BCA was founded by A. Hamilton Bolton in 1949 in Montreal, Quebec, Canada. The firm is also known by the title of its first publication, The Bank Credit Analyst.

Fundsmith is a London-based investment management company, founded in 2010 by Terry Smith. As of December 2019, Fundsmith manages £26bn in assets. Smith has been referred to as "the English Warren Buffett" after achieving superior investment returns with strategies similar to the U.S. investor.

<span class="mw-page-title-main">Fidelity International</span> Fidelity Investments Non-US business

Fidelity International Ltd, or FIL for short, is a company that provides investment management services including mutual funds, pension management and fund platforms to private and institutional investors. Fidelity International was originally established in 1969 as the international investment subsidiary of Fidelity Investments in Boston before being spun out as an independent business in 1980. Since then, it has continued to operate as a private employee-owned company.

Stonehage Fleming was formed in 2014, when Fleming Family & Partners, the family office run by family members of banking pioneer Robert Fleming, merged with Stonehage, an international family office.

Sir Richard Peter Pease, 4th Baronet is a British fund manager, who manages the TM Crux European and TM Crux European Special Situations funds for Crux Asset Management, which he founded in 2014.

<span class="mw-page-title-main">Clive Bannister</span>

Clive Bannister is the chair of the Museum of London, chair of Rathbones and chair of Beazley. He was formerly an insurance executive and banker.

Alexander Frederick Clifford Darwall is a British landowner, hedge fund manager, and millionaire. He is notable for having roles in several large investment companies, his donations to UKIP, the Leave Party, and for his 2022-23 court case where he limited public access to Dartmoor.

References

  1. ↑ "Anthony Bolton". Authors. Harriman House.
  2. ↑ "Fidelity Special Situations - A new era dawns". Fidelity International. Archived from the original on 8 January 2007. Retrieved 6 December 2006.
  3. ↑ "Farewell to the Harry Potter of investment". Independent Investor. 30 July 2006. Archived from the original on 28 August 2006.
  4. ↑ "Check out special situations funds". The Scotsman. 27 April 2006.
  5. ↑ Connon, Heather (14 December 2009). "Fidelity's Shah sits near top of tree". The Guardian. London. Retrieved 25 April 2010.
  6. ↑ "Fidelity Special Situations - Citywire Selection | New Model Adviser ®". Citywire. Retrieved 26 March 2013.
  7. ↑ "The Most Dumped Funds of 2008". bestinvest. 24 January 2008. Archived from the original on 29 May 2008.
  8. ↑ Farrow, Paul (12 December 2007). "Who will take over Anthony Bolton's Crown?". The Daily Telegraph. London. Archived from the original on 22 April 2010. Retrieved 25 April 2010.
  9. ↑ "Fidelity China Special Situations PLC - Latest news". Archived from the original on 29 May 2014. Retrieved 29 May 2014.
  10. ↑ Thomas, Paul (24 February 2011). "Fidelity China special sits trust C-share offer brings in £166m". Money Marketing. Retrieved 26 March 2013.
  11. ↑ "Candid Money: Fidelity China Special Situations Review". Archived from the original on 3 July 2011. Retrieved 15 November 2011.
  12. ↑ "Bolton offers no excuse for dire performance | FE Trustnet". Trustnet.com. 14 November 2011. Retrieved 26 March 2013.
  13. ↑ "A Decade in the Making". Grange Park Opera - The Spaced Season 2021. 2021. p. 99.
  14. ↑ Thompson, Susan (15 December 2007). "Business big shot: Anthony Bolton". The Times. London.
  15. ↑ "BBC Radio 3 Private Passions archive". bbc.co.uk. 6 September 2009. Retrieved 26 March 2013.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.