Fidelity International confirmed it will combine its equities and fixed income trading desks and has appointed a new global head of trading to lead the combined business.
Fidelity International’s Mark Kopfler, its previous co-head of global cash trading, will take over the role from Mark Northwood, who decided to join BIPS LP, a consultancy firm focused on best execution requirements for investment managers.
Kopfler will relocate from New York to London.
“We have decided to create a single global equity and fixed income trading team. Mike Kopfler has joined the business as Global Head of Trading. Our head traders across equities and fixed income will report into him,” said a Fidelity International spokesperson.
He will relocate to London from the US where he was co-head of global cash trading, and all head traders across equities and fixed income will report to him.
The spokesperson added: “We see clear client benefits in organising our trading team in this integrated way.”
Fidelity International has become the latest investment managers to merge its equity and fixed income trading desks as buy-side firms look to consolidate their activities and achieve cost savings.