Michael Jones, head of Fidelity International's wealth business in London, has quit to join rival manager Janus Capital, where he will become head of its European financial institutions business.

Jones has left despite a warm reception from investors for a series of Fidelity Active Strategy, or Fast, funds, which can take long or short positions. Fidelity confirmed last week that a Fast optimised market neutral fund has secured European Union UCITS status, on the back of an annualised return of 10.2% since March 2005.