Fidelity has snapped the £70 million City Financial UK Opportunities Fund and is taking its manager Leigh Himsworth too.

Fidelity has purchased the £70 million ($119 million) City Financial UK Opportunities Fund, with its manager Leigh Himsworth in tow.

The fund has been managed by Himsworth, City's head of UK equities, since 2011 and has returned 54.5 per cent compared to the IMA UK All Companies sector average return of 46.9 per cent.

"Leigh is a shrewd and experienced investor and we are confident that the combination of his expertise and the substantial research capabilities of Fidelity will prove to be a winning combination for current clients and the many new investors who we hope to attract into the fund,” said Dominic Rossi, global CIO for Equities at Fidelity Worldwide Investment.

City Financial will retain Himsworth’s £10.6 million UK Income Opportunities fund but it is unknown who will take over.