Prominent Scottish fund manager Anne Richards is unexpectedly stepping down after five years as CEO of Fidelity International, leaving the asset manager without an immediate replacement.

Fidelity International said Richards, 59, “has decided to step down from her full-time executive role.”

The firm said Richards “will remain with the company in the role of vice chair” with an emphasis on helping the organisation with its key external relationships and strategic partnerships.

“Anne will remain as CEO during a period of transition led by the Fidelity International board that will take place over the coming months.

“Further details on succession will be communicated at a later date.”

Fidelity International chair Abby Johnson said: “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 firmwide 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.

“I look forward to working with her during this transition period and I am delighted she will stay with our business as vice chair, supporting us as we work together with our clients, employees and communities all around the world to build better financial futures.”

Bloomberg reported that assets at Fidelity International 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.