Ashu Suyash in Calcutta on Wednesday. Picture by Kishor Roy Chowdhury

Calcutta, March 29: Fidelity Mutual Fund plans to launch a long-term bond fund soon and introduce products from Fidelity International’s global portfolio gradually.

About a month ago, Fidelity Fund Management Private Ltd appointed Sameer Kulkarni as fund manager for its bond and debt funds. Kulkarni was earlier with Franklin Templeton Mutual Fund.

The fund house is currently offering its third open-ended equity scheme ? Fidelity India Special Situations Fund ? the flagship product from its global portfolio. The scheme, which was launched on Tuesday, will close for subscription on April 26.

In the UK, Fidelity’s Special Situations Fund, launched in 1979, has emerged as the country’s largest mutual fund scheme with assets worth ?6 billion. To better manage the huge corpus, last year, fund manager Anthony Bolton proposed to split the scheme into two parts, besides raising the entry fee.

Fidelity also has an Asian Special Situations Fund, which has shifted its focus to India since last year.

“A special situations fund is like a contra fund, but its investment strategy encompasses a wider spectrum by focusing on companies which are in special situations rather than only out-of-favour stocks. These could be mergers and acquisitions, management or financial restructuring and business turnaround,” Fidelity Fund Management country head Ashu Suyash said.

“The Fidelity India Special Situations Fund will have 40-60 stocks compared with 80 in Fidelity Equity plan and these will be across market capitalisation,” said Rajesh Singh, the fund manager for the new fund.

Fidelity, which has been operating in the domestic market as an FII for over a decade, started its mutual fund business in March 2005 with the Fidelity Equity Fund that mobilised more than Rs 1,600 crore.