Fidelity will be recruiting a new head of UK business. Wastcoat has worked for Fidelity for the last 24 years and has headed the UK business for nearly 10 years.
During Wastcoat’s tenure, Fidelity maintained its position as one of the largest and best known fund managers in the UK and made a big move into distribution with the setting up of FundsNetwork.
Wastcoat was also responsible for the establishment of the mutual funds business in India which he also ultimately headed up.
Head of IFA channel Peter Hicks and head of financial institutions Michael Jones will now report to Robert Higginbotham at a European level within Fidelity.
Chelsea Financial Services managing director Darius McDermott says: “Richard has been at Fidelity man and boy and is well-deserving of a sabbatical. His role has grown massively over the years. FundsNetwork reports into him and he has also been spending a lot of time on business in India.
“It is likely Fidelity will look to bring in someone externally to run the UK in his absence.”
Hargreaves Lansdown head of research Mark Dampier says: “Fidelity has been under a lot of pressure lately with the Anthony Bolton transition and some performance issues and if he has the ability to take a sabbatical I do not blame him.”