Fidelity International, the asset management giant, and London-based funds boutique Dalton Strategic Partnership have parted company with high-profile fund managers who were hired just before the onset of the credit crunch, reflecting the rapid turnaround in the industry's fortunes.

Fidelity hired David Urch and Jonathan Cobb to run UK equities portfolios for institutional investors in Edinburgh. Urch joined from Scottish Widows Investment Partnership in January this year, and reported to Jonathan Cobb, who joined from Standard Life Investments late last year.