Fidelity’s UK retail head takes on Zurich Life role

Gary Shaughnessy is leaving his position as head of Fidelity’s retail business, to become chief executive officer of insurer Zurich’s UK Life business.

Shaughnessy joined Fidelity in November 2008, taking on responsibility for distribution across wholesale, banking, IFA and direct channels as well as FundsNetwork and defined contribution.

Hugh Mullan, who is currently the company’s European chief operating officer, will take up the new position at the start of April. Mullan, joined Fidelity in 2008 after holding senior roles at Barclays Wealth, Schroders and Citigroup.

Thomas Balk, president, financial services, said: “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 and this makes him an ideal choice to run one of the UK’s most successful retail financial services businesses.”

Shaughnessy will report to David Sims, CEO Zurich Global Life in Europe, who has been interim CEO for Zurich’s UK Life business since Michael Brennan retired last August.

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