One of the UK's best-known portfolio managers, Anthony Bolton, has decided to stay on for at least one extra year as the manager of Fidelity's China Special Situations fund, giving him more time to recover the losses the fund has made to date.

A statement by Fidelity Investments International to the Stock Exchange this morning said: "The Board of Fidelity China Special Situations is pleased to confirm that Anthony Bolton has decided to extend his minimum tenure as portfolio manager from April 2013 until April 2014."