The £185 billion fund manager Fidelity International has merged its global equity and fixed income trading teams and created a new global head of trading post, a move which has led to the departure of an equities veteran.

Fidelity said that Mike Kopfler, who had been co-head of global cash trading at Fidelity Investments, has stepped up to the trading role overseeing the global equity and fixed income trading desks at Fidelity International, the asset manager's businesses outside the US.