Fidelity hints at a market neutral fund

Long-only US fund manager Fidelity is said to have plans to launch a market-neutral portfolio, marking the US asset manager's first expansion into hedge funds.

A spokesman from Fidelity in Boston did not confirm or deny the plans to launch the fund in the coming months, as reported in Barrons earlier this month.

It is believed Tim Heffernan, who now manages Fidelity's $73.5m Tax Managed Stock Fund, will run the market-neutral fund from the US.

The UK Fidelity group has said it still has no plans

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