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M&G’s Richards joins Fidelity amid Pru demerger

M&G’s Richards joins Fidelity amid Pru demerger

M&G Investments' Anne Richards is to join Fidelity International as chief executive, ahead of the firm's demerger from Prudential.

Ms Richards is currently chief executive of M&G Investments, a subsidiary of FTSE 100 company Prudential, although plans are in train to demerge the UK business from the global parent company.

She joins Fidelity International as chief executive and will report to Abigail Johnson, chair of Fidelity.

In August last year Prudential announced plans to merge its UK and European businesses, bringing together its insurance and savings arm with M&G Investments to create a £332bn subsidiary.

Then in March this year the pensions and investment giant said it was splitting its UK and European arm from its Asia business, to create M&G Prudential.

M&G Prudential will be a savings and investment provider focused on the UK and Europe, while Prudential will operate across Asia, the US and Africa.

Anne Richards has 26 years’ experience in the asset management industry, including more than two decades as an analyst, portfolio manager and CIO.

Her career path spans many blue chip global names in the financial services industry.

She also chairs the UK Financial Conduct Authority’s Practitioner Panel and is 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 recently introduced a new charging structure for its funds, with much more emphasis on performance fees and less on flat charges.

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."

david.thorpe@ft.com