Fidelity International’s managing director of retail investments in the U.K. is stepping down at the end of September, and will work on individual projects for the mutual fund giant until the end of next year, when he may leave the mutual fund giant for good.Richard Wastcoat, who has worked for Fidelity for the past 24 years, had been overseeing the firm’s £6.5 billion, flagship Special Situations fund since last year, when the fund’s portfolio manager, Anthony Bolton, was asked to step back from direct investment duties.

Wastcoat was also instrumental in building the firm’s FundsNetwork platform, as well as building its retail investment business in India.

A Fidelity spokesman told Citywire, an online financial news publication in the U.K., that the FundsNetwork platform and the firm’s retail investment business in India “can stand on their own feet.” The spokesman, however, did not provide details on Wastcoat’s impending resignation.

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