US/EUROPE – Richard Horlick, president of investment manager Fidelity’s international institutional business, has been seconded for three years to become chairman and president of Fidelity Management Trust Company, based in Boston.

David Stewart, currently managing director of Fidelity’s UK institutional business, will now assume the role of president for its European business, reporting to Barry Bateman, vice chairman of Fidelity International Limited (FIL).

“ I am delighted that Richard’s assignment has given David Stewart the opportunity to lead the continuing development of our pan-European institutional business. I expect our progress in Europe to continue unabated under David’s leadership,” says Bateman.
“ Richard has made an outstanding contribution to FIL’s success over the past seven years. In his new role he will have significant impact on the development of a truly global pensions business for Fidelity,” he adds.

Horlick, who joined the company in 1994, has increased the company’s international institutional business from under US$6bn in assets under management to its current US45bn.
Stewart joined the firm seven years ago, and prior to moving to its institutional team he worked as a senior fund manager.