Scottish fund manager Anne Richards, the CEO of Fidelity International, has been named as the next chair of TheCityUK, the powerful lobbying group that represents the UK’s financial and related professional services.

Richards will succeed Mark Tucker, group chairman of HSBC Holdings, who will step down on May 31, 2022.

Richards will lead TheCityUK board, working closely with TheCityUK leadership council chairman Adrian Montague and its executive team.

Richards joined Fidelity International as CEO in December 2018 and was appointed a Director of FIL Limited in September 2019.

She has worked in the asset management industry since 1992, working at Alliance Capital, JP Morgan, Merrill Lynch Investment Managers, Aberdeen Asset Management and M&G Investments.

Richards is a chartered engineer and began her career as a research fellow at CERN, the European Organisation for Nuclear Research.

She is a former chair of the UK Financial Conduct Authority’s Practitioner Panel and was appointed a board member of the Institute of International Finance (IIF) in December 2020.

Richards holds an MBA from INSEAD and a BSc (Hons) from the University of Edinburgh.

Richards said: “I am excited to be taking on this role at such a pivotal time for our industry.

“As we emerge from the pandemic, new ways of working, technological innovation and heightened expectations will continue to revolutionise how we operate and serve our customers.

“We must also play our part in accelerating a just and sustainable transition to a low carbon economy.

“Demonstrating our contribution and leadership in these areas will be crucial to ensuring our continued success as a world-leading international financial centre that is truly representative of the communities which we serve.

“I look forward to working with colleagues across the industry and with the team at TheCityUK to deliver this important agenda.

“I would also like to pay tribute to the tremendous job Mark has done in leading TheCityUK through a period of unprecedented challenges.

“He has set the organisation on a clear strategic course and provided both real clarity of vision and focus on execution and outcomes.

“His will be a tough act to follow.”

Tucker said: “Anne is the right person to be steering a course for TheCityUK and addressing head on the challenges that the industry needs to tackle in the years to come.

“When I took on this role, among my priorities was creating a better public understanding of the economic and societal benefits our industry brings to everyday lives across the United Kingdom.

“It is therefore with real pride that I reflect on how the industry has adapted post Brexit, and, over the past nearly two years, has responded magnificently to the challenges of the pandemic.

“Our industry has more than fulfilled its role of supporting people, businesses, and communities, through momentous times.

“The need for the UK to step up and secure the competitiveness of the financial and related professional services industry is paramount.

“TheCityUK will continue to play a critical role in promoting this, and I wish Anne all the very best when she takes the reins next year.”