UK - British mutual fund manager Fidelity International seeks a new sales director for its institutional cash fund after former sales head Caroline Cudars defected to Dutch securities services bank KAS Bank.

From today, Cudars will start at KAS Bank's London branch as manager new business development institutional investors UK, the Dutch bank announced in a statement.

Reporting to Laurens Vis, managing director of the bank's London-based operation, she will primarily focus on the business products of the UK institutional asset management and investment fund side of the market, KAS Bank said.

Commenting on the move, Vis said in a press release: "As an independent and neutral service provider, KAS Bank is not conflicted in any way by own(ed) active management and as such our interest are in every aspect united with our customer base."

He added that, therefore, Cudars' appointment is welcomed as a valuable addition to the firm's institutional front office, "bringing further seniority, experience and insight to the area of our middle and back office services propositions."