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Shaughnessy quits Fidelity to become Zurich chief

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Fidelity managing director, UK defined contribution and retail business Gary Shaughnessy is to join Zurich as chief executive for its UK life business.

Shaughnessy will join the firm in June and will report to Zurich global life in Europe CEO David Sims. Sims has been interim CEO for Zurich’s UK life business since Michael Brennan retired in August last year.

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, and is perfectly placed to lead the business as we move forwards with our platforms.”

Shaugnessy had been managing director, UK defined contribution and retail business since 2008. He is responsible for Fidelity’s retail funds and investment trust business, investment platform FundsNetwork, the defined contribution and workplace business and the direct to consumer arm. Shaughnessy ahs previously worked at the likes of M&G and Prudential.

Shaughnessy says: “I’m delighted to be joining Zurich and look forward to working with the UK team in particular.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.”

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