A second long-serving fund manager from Fidelity International's European equity team has resigned in a week, following the decision of Graham Clapp, head of the growth fund for the region, to take a break from the industry.

James Rutherford, who has been at Fidelity for 18 years will leave at the end of the year. He joined as a research analyst in 1988 and was promoted to fund manager in 1995.