Nicky Richards, chief investment officer at Fidelity International, has resigned after four years at the firm to take a break from the industry. She is not thought to be joining another investment manager.

Richards, who became group CIO in 2007, originally joined Fidelity as CIO for European equities, having previously been with Schroders Investment Management.

It is believed that Richards indicated her intention to take some time out from the industry at the end of last year; no portfolios and funds will be affected by her departure since she has been focused on developing a robust infrastructure within the investment team, and has not been running any money in her own right.

The search is now on for a successor for Richards, who will depart the firm at the end of this month. Robert Higginbotham, president and CEO of Fidelity’s European business will take over her responsibilities on an interim basis, the firm said in a statement.

In other recent developments, in February Fidelity International announced the launch of its China Special Situations closed-ended investment company, which will apply to be admitted for trading on the London Stock Exchange and is targeting an initial capital raising of around £630 million (around $990 million). It will invest in a diversified portfolio mainly comprised of securities issued by companies listed in China or Hong Kong, and Chinese companies listed elsewhere.

The portfolio will be managed by renowned investment manager Anthony Bolton, who stepped down from portfolio management over two years ago after nearly thirty years running Fidelity’s UK-registered Special Situations fund.