Fidelity scraps city base plan

FUND giant Fidelity has abandoned plans to create a fund management base in Edinburgh.

The company had planned to establish a 16-strong investment team in the city. But it has now halted the plan as it cuts 1700 jobs worldwide – including several hundred across the UK – in a bid to cope with the market downturn.

Portfolio managers Jonathan Cobb and David Urch have left the company.

Another two Edinburgh investment roles have also been axed. However, the company said its existing Edinburgh office will remain.