Richard Horlick, head of Fidelity's UK and Europe institutional arm, is heading to Fidelity's US-based Fidelity Management Trust for a three year stint as head of its $70bn US institutional business.

His role will be filled in Europe by David Stewart, who has been his lieutenant for more than 18 months. Stewart is widely seen as a safe pair of hands, although Horlick's departure, first reported by news agency InvestorForce, will be a disappointment to consultants who rate Horlick's ability to produce consistent results over many years.