Gary Shaughnessy quits Fidelity for top Zurich role

Gary Shaughnessy, managing director of Fidelity International's UK retail and defined contribution business,  is to leave the company to join Zurich.

Shaughnessy will join Zurich as the chief executive of its UK life business while Fidelity has announced Hugh Mullan as his replacement managing the retail business including Fidelity FundsNetwork. At Zurich Shaughnessy will report to David Sims, chief executive of Zurch Global Life in Europe, who has been interim chief executive of the insurer's UK business since Michael Brennan retired last August.

'This is a time of enormous change for UK consumers, intermediaries and employers, with increased regulation, personal tax complexity and the transfer of health and retirement responsibility onto the individual all taking place at the same time. These changes provide both a challenge and an opportunity for the financial services industry and I've been extremely impressed by Zurich's ambition to lead the re-shaping of financial services in the UK,' said Shaughnessy.

Shaughnessy joined Fidelity in November 2008 from the Prudential where he was the managing director of its life business after working as the chief executive of M&G’s retail arm. He previously worked at Bank of Scotland and AXA.

Fidelity was hit with another high profile departure when Robert Higginbotham, chief exceutive of of its European operations stepped down in September.