Fidelity Worldwide Investment's UK managing director Hugh Mullan is to step down in April, IFAonline's sister title Investment Week can reveal.
Mullan (pictured) will be replaced on an interim basis by Jim Burton, currently chief marketing officer of Fidelity Investments' trillion dollar personal investing business.
A veteran who worked at US firm Charles Schwab before joining Fidelity in 2007, Burton currently manages Fidelity's retail customer strategy in the US.
He has also worked across Fidelity Investments‘ various other businesses in the US, heading its retail brokerage and cash management service for five years between 2007 and 2012.
Burton will move across from Fidelity Investments - a separate company to Fidelity Worldwide Investment - to run the UK-based asset manager until the end of 2014.
Fidelity Worldwide Investment said today it will recruit a replacement for Mullan in due course.
A spokesperson said: "We are actively seeking a replacement for Hugh, and are very pleased to have a such an experienced individual to head up the business in the interim."
The change at the top comes amid a major drive by Fidelity to expand its UK business, something it is set to ramp up in the coming months.
Investment Week revealed late last year the business was spending £250m across its UK platform business over the next five years as part of a plan to enhance its open architecture proposition and dominate the distribution landscape.
It is also pushing forward its proposition in the direct-to-consumer space, recently undercutting rival Hargreaves Lansdown with a new pricing structure for its personal investing proposition.
Mullan joined Fidelity Worldwide Investment in 2008 and was previously chief operating officer before becoming managing director in 2012. He led the review of the UK business strategy which prompted the group to invest heavily into the UK.
He had previously held senior management positions at Barclays Wealth and Schroders.
Mullan is understood to be taking time out of the industry.
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