Fidelity managing director Richard Wastcoat is stepping down at the end of this month.
He will work on special projects until the end of this year, including a major autumn launch and overseeing the transition, before taking a six-month sabbatical.
Fidelity is already recruiting externally for a new UK head but says Wastcoat may rejoin the business in a different role. He has worked for Fidelity for the last 24 years and headed the UK business for nearly 10 years. His role covers FundsNetwork and he launched the Indian fund business.
In the new structure, Funds Network will be overseen by European mutual funds president Robert Higginbotham.
Head of IFA channel Peter Hicks and head of financial institutions Michael Jones will now report to at a European level within Fidelity and will take on some of Wastcoat’s responsibilities in the interim.