EUROPE - David Stewart, president of Fidelity International's European institutional business, is to join Odey Asset Management as chief executive.

Stewart will be one of nine partners at the firm, which runs both hedge funds and long-only portfolios, Odey said. He takes up the role later this year

He was managing director of Fidelity's UK institutional business and head of emerging markets funds from 1996 until 2000, it added. A Fidelity spokesman said it would be looking both internally and externally for a replacement.

Last month, Feras Al Chalabi, one of Odey's fund managers, was appointed to the partnership.

"I am delighted that David will be joining us,” said founder Crispin Odey. “He has built a successful institutional business at Fidelity during his time as managing director and president.

“I have no doubt that we will benefit from his skill and expertise and that he will help us build on our existing success."

The Fidelity spokesperson said: "We have an experienced senior management team in place running our Institutional business. Under their leadership, we are confident that we will continue to grow our business in the UK and continental Europe."