An emerging paradigm proposes that neural computations can be understood at the level of dynamic systems that govern low-dimensional trajectories of collective neural activity. How the connectivity structure of a network determines the emergent dynamical system, however, remains to be clarified. Here we consider a novel class of models, gaussian-mixture, low-rank recurrent networks in which the rank of the connectivity matrix and the number of statistically defined populations are independent hyperparameters. We show that the resulting collective dynamics form a dynamical system, where the rank sets the dimensionality and the population structure shapes the dynamics. In particular, the collective dynamics can be described in terms of a simplified effective circuit of interacting latent variables. While having a single global population strongly restricts the possible dynamics, we demonstrate that if the number of populations is large enough, a rank $R$ network can approximate any $R$-dimensional dynamical system.