UK – Fidelity Investments is setting up a multi-manager business that will eventually offer manager of managers services.

“Fidelity Investments are looking for a Business Development Director for their multi-manager business,” according to a Fidelity job ad. “This is a new role in a new business which is being set up to develop the opportunities in the multi manager space.”

The role would be based at Oakhill south of London, although there will by UK and European travel.

The role would initially focus on fund of funds but quickly move on to manager of managers.

The new arm would offer opportunistic funds that can be sold on their own merits – as well as a business solutions-type of role.

Because it’s a new business, “quick wins” would be as important as building long-term relationships.

The firm is also seeking a defined contribution relationship director in the UK – with a key goal being to extend DC into the institutional market.

Part of the job will be to ensure that Fidelity’s DC products feature on investment consultants’ buy lists.

And the extension of the so-called Fidelity DC Investment Platform – which incorporates both Fidelity and non-Fidelity funds – into the institutional market would be “a key goal”.

It’s also looking for an associate relationship director for its Nordic institutional team under Asgeir Thordarson.

Meanwhile, Fidelity could be set to make some investment writers redundant in the New Year according to reports - although the report added the firm declined to comment.

Last week Fidelity named two executives to its new investment management organization, Pyramis Global Advisors.

Seema Hingorani was named director of equity research whole Michael McCauley becomes head of trading.

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