Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy. She was chief investment officer at Aberdeen Asset Management before that.
During her term as CEO, assets managed by Fidelity grew significantly, to $714.3 billion.
“Over the last five years Anne has accomplished a tremendous amount for our organisation in service of our clients,” Chair of Fidelity International, Abby Johnson, said.
In her new role as vice chair, Richards will help the company with its external relationships and strategic partnerships, Fidelity said in a statement.
It said details about Richards’s successor would be announced at a later date.