UK – Tim Banks, head of defined contribution business development at Fidelity, is to leave the company.

“He has resigned,” said Fidelity spokeswoman Anne Read. He would be replaced on an interim basis by Edward Evers, head of business development for Fidelity’s cross-border pension fund business and an 11-year Fidelity veteran.

Banks has joined another company, though Read was not able to be more specific. “We’ll be recruiting other people into the team. We wish Tim well in his new role.”

Fidelity’s DC operation in the UK employs more than 100 people under division head Colin Williams. The firm launched its UK DC business in 1994 and at the end of 2003 served 340 UK pension fund clients and had around 2.1 billion pounds in assets under management.