Fidelity International Chief Executive Officer Anne Richards is unexpectedly stepping down after five years, leaving the asset manager without an immediate replacement.
Richards, 59, will remain at the firm as a vice chair to help Fidelity with its key external relationships and strategic partnerships, according to a statement Monday.
Succession plans “will be communicated at a later date,” the company said. A spokesperson for Fidelity declined to comment on the reasons for Richards’s decision to retire.
Assets at the firm have almost doubled during Richards’s tenure, jumping from $414 billion when she took over in 2018 to $714.3 billion at the end of September.
She has overseen a big push into private markets, hiring dozens of people and debuting the firm’s first private lending fund this year.
Richards, who chairs the industry lobby group TheCity UK, received a damehood for her long career in financial services.