Fidelity has recruited experienced investment professional Anne Richards as chief executive from rival M&G where she was CEO of M&G Investments.

She will join Fidelity International in December and report to Abigail Johnson, chairman of Fidelity. 

Ms Johnson said: “Anne will assume responsibility for Fidelity International at an important time in its near-50 year history.

“Our ambitions to broaden and deepen our relationship with our clients; innovate in product development and solutions design; and to continue to develop our investment platform and workplace investing businesses have never been greater. I am very confident in Anne’s abilities to lead the company in this exciting period of future development and growth.”

Ms Richards has 26 years’ experience in asset management, including over two decades as an analyst, portfolio manager and chief investment officer.

She has worked for a number of major brands in the financial services sector and is chair of the UK Financial Conduct Authority’s Practitioner Panel. She is also a member of the US-based Board of Leaders of 2020 Women on Boards, which works to increase the proportion of women on corporate boards.

Ms Richards said: “This is an exciting opportunity to lead an international company as it moves into the next stage of its growth plans. Fidelity is an admired global brand with the potential to lead the market as individuals recognise the need to take ever-greater control over their financial security.”

Fidelity International invests £235.1bn globally on behalf of clients in 26 countries across Asia-Pacific, Europe, the Middle East, and South America. The company is responsible for £80.5bn in assets under administration.

M&G Prudential announced changes to its senior leadership team on Friday in preparation for its planned demerger from Prudential plc. M&G Prudential was formed in 2017 through the combination of M&G Investments and Prudential's UK & Europe life business.

The company said the changes reflected the growing integration of the business units over the past year and will prepare M&G Prudential to operate as an "independent business."

In a Stock Exchange announcement, M&G said Anne Richards was resigning from her role and from the board of Prudential plc effective from 10 August 2018. Clare Bousfield, currently chief executive of Prudential UK, will become chief financial officer of M&G Prudential.