Fidelity changes manager on property strategy in move to bolster London unit

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Fidelity has changed the manager on one of its real estate fund as it looks to build out its property unit in London.

As of October 1, Dirk Philippa took over the portfolio management of the $52 million FF Global Property fund that had previously been run by Steve Buller, at Fidelity's US unit FMR.

Philippa has more than nine years experience in the sector and has been managing a global property pilot fund since 2012. He is based in London and will be supported by two newly-recruited property analysts.

Despite the move to build out the property unit in London, there are no plans to launch additional funds in this area at present, a spokesperson told Citywire.

Since the fund's launch in September 2012, it has returned 3.39%. Its benchmark, the FTSE EPRA/NAREIT Developed TR GBP returned 6.61% over the same period.