Fidelity International's Ian Spreadbury is to bring the curtain down on his 40-year fund management career.
Peter Khan will also support Vaid as co-manager of the Fidelity Extra Income Fund.
Spreadbury commented: 'I’ve managed real money for real people and it has been both a privilege and rewarding over my long career. I once said in an interview that the day you think you understand markets is the day you should retire.
'I’m not sure I can say I fully understand markets, but having managed money for more than 30 years, of which many have been here at Fidelity, I have decided that now is the right time to retire from fund management.'
Spreadbury joined Fidelity in 1995 and has played a major role in the growth in its fixed income assets under management to £65 billion.
'I am particularly grateful to our investors who have remained committed to the funds over such a long period. We developed a consistent and disciplined investment approach, which will continue under the stewardship of Sajiv, Tim and Claudio,' Spreadbury said.
'I have worked alongside them for the last few years and I am confident the funds will continue to deliver under the same entrenched philosophy.
He added: 'When I started at Fidelity back in 1995, the fixed income team consisted of me, a trader and an assistant manager. Today, it’s a very different business with an array of experienced investment professionals and multiple portfolio managers.'
Vaid, who has 24 years' experience, joined Fidelity from Royal London Asset Management in 2015 and Atkinson, who joined from Research Asscoiate in 2000, has 18 years' experience.
Meanhile Khan has 26 years' experience. Prior to joining Fidelity in 2000, he was head of trading at Bayerische Hypo-und-Vereinsbank' London Eurobond desk.
Foster and Ferrarese joined Fidelity in 2003 and 2006 respectively and have 14 and 13 years' experience respectively.
John Clougherty, head of wholesale, Fidelity International, said: 'Ian Spreadbury is one of the most experienced and highly respected bond managers in the industry. He has navigated his funds through the highs and lows of financial markets, delivering a consistent low risk approach to income investing.
'While we are, of course, extremely sad to see Ian leave, a long-term succession plan ensures that his funds will continue to deliver the same high quality outcome for our clients.'