Anne Richards leaves M&G Prudential for Fidelity

Ahead of the spin-off of Prudential's UK and Europe business, investment chief Anne Richards has quit to take up the role of chief executive of Fidelity International.

Richards will leave her role as chief executive of M&G Investments and the board of Prudential from 10 August, following the delivery of interim results.

This comes just a few months after Prudential said it would spin off M&G Prudential, which is made up of M&G Investments and Prudential's UK & Europe life business, into a separately listed company.

Richards leaves as M&G Prudential CEO John Foley takes on the role of chief executive of M&G and of Prudential UK, the spun-out company's regulated entities.

Prudential UK CEO Clare Bousfield will become chief financial officer of M&G Prudential.

Said Foley: "These changes simplify the way we make decisions, improve accountability and align management capabilities with M&G Prudential's future needs as an independent listed business."

As well as hailing Richard's for leaving the business "well positioned", he said he was "delighted that Clare has agreed to step up" to the CFO role. "This is a crucial position combining financial control, strategy and managing relationships with the financial markets."

Richard was also given a warm send-off from Prudential Plc chairman Paul Manduca and group CEO Mike Wells.