Its retail and institutional research arms, which historically depended on Fidelity International for research based outside the US, opened London offices this year, but initially only transferred staff from offices in the US.

Pyramis, the institutional side of the US business, has hired five analysts in London in the past eight months. They include Jonathan Cummins, an industrials analyst from F&C Asset Management, Katherine O’Donovan, who was a banking analyst in Credit Suisse’s asset management division, and Ed Field, a telecoms analyst at M&G Investments.

Fidelity Management & Research, the US mutual funds research arm, has hired in London Kana Norimoto, a credit analyst from Citi, plus Neel Shah from Credit Suisse.