Anthony Bolton told the investing public in April 2010 that running money in China was going to be the most exciting chapter of his life. It is a view he is maintaining as he prepares to hand over the Fidelity China Special Situations investment trust to a new manager.

“I don’t regret it at all. China is the most fascinating place. This chapter on China is the most interesting thing I’ve ever done,” Mr Bolton said yesterday after announcing that he would step down from the trust on April 1 2014.

The main problem during his three-year tenure has been China itself. When his decision to come out of retirement was announced in April 2010, China was an easy sell. The country had just reported quarterly growth of 11.9 per cent, while the Shanghai Composite index had rallied about 70 per cent following the collapse of Lehman Brothers.