Fidelity International has named Andrew McCaffery (pictured) as global chief investment officer, taking over from Bart Grenier who is taking on a more senior role.

Grenier is moving to lead Fidelity Investments, the $2.8 trillion asset manager, with current chief executive Steve Neff set to retire.

This move means current deputy CIO McCaffery is set to take on the top role as Grenier is returning to the US in mid-February to start his new role. Grenier was appointed into the role of global CIO in January 2018.

McCaffery has more than 30 years of experience in the industry, having spent eight years at Aberdeen Standard Investments prior to Fidelity, serving as global head of strategic client investment and global head of alternatives.

Grenier re-joined Fidelity in July 2017 following a spell as chief executive of The Boston Company Asset Management. He was named head of investment solutions and innovation in Fidelity's personal investing division.

McCaffrey was assigned to oversee development of the group’s alternatives and solutions franchises, incorporating the existing multi asset, investment solutions design and real estate teams.

Grenier welcomed McCaffrey’s appointment as a ‘key new role’, which would evolve its product and solutions range in the face of ever-changing client demands.