Fidelity’s Shaughnessy quits

Gary Shaughnessy has stepped down as Fidelity Worldwide Investment’s retail head to take up another role within the financial services industry.

Gary Shaughnessy
Gary Shaughnessy

Shaughnessy will join Zurich as the chief executive of its UK life business in June and report to David Sims, chief executive of Zurich Global Life Europe.

Sims says: “I am delighted that Gary has been appointed to this role. He brings with him a wealth of experience which will allow him to build on the success of the UK Life business.”

Hugh Mullan will replace Shaughnessy as managing director of UK defined contribution and retail business at Fidelity in the beginning of April.

Shaughnessy, whose responsibilities included distribution across wholesale, banking, IFA and direct channels as well as FundsNetwork and defined contribution, joined Fidelity in November 2008.

Over his career, he has worked at the Bank of Scotland, the Automobile Association, Axa, Prudential and M&G.

Shaughnessy also chaired the Investment Management Association’s retail investment committee in 2005/6 and was a member of the Association Of British Insurers’ life and pensions board in 2007/8.

Mullan, Fidelity’s current European chief operating officer, also joined the asset manager in 2008 after previously holding roles at Barclays Wealth, Schroders and Citigroup.

Thomas Balk, president of financial services at Fidelity, says: “Hugh has a detailed understanding of the market and our business in the UK.

“He represents an excellent blend of the experience and skills necessary to manage a complex multi-channel product and distribution organisation.”