UK-based asset manager Fidelity Worldwide Investment has announced that Allan Liu will step down as manager of the UK-domiciled Fidelity South East Asia Fund at the end of the year.

He will be replaced by Teera Chanpongsang, effective 1 January 2014.

Until then, the Hong Kong-based managers will work closely together to ensure a smooth transition.

Fidelity said the move is designed to allow Liu to focus on the management of the Fidelity Funds South East Asia fund.

He will continue to manage the $740 million Fidelity Funds Emerging Asia Fund, which he has run since its launch in 2008.

Fidelity also announced that Sanjeev Shah is stepping down as manager of the Fidelity Special Situations Fund.