During her term as CEO, assets managed by Fidelity grew significantly, to $714.3 billion.

After five years leading Fidelity International as CEO, Anne Richards has decided to step down from her full-time executive role. She will remain with the company as vice chair to help the organisation with its key external relationships and strategic partnerships, the firm said in a statement this week.

Over the coming months, Richards will remain as CEO during a period of transition led by the Fidelity International board. The firm said it would release further details of succession at a later date.

Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy. She was chief investment officer at Aberdeen Asset Management (now rebranded as abrdn) before that.

“Over the last five years Anne has accomplished a tremendous amount for our organisation in service of our clients. She has spearheaded the build out of a wide range of new capabilities and services across multiple markets, as well as our firm-wide approach to sustainability, setting us firmly on the path for the future. She made significant progress in building a more diverse and inclusive workplace, leading initiatives such as enhanced parental leave, carers leave and dynamic working, ensuring we are well placed to attract and retain the best talent in a post pandemic world,” Abby Johnson, chair of Fidelity International said.