Shaughnessy will join later this year, replacing Richard Wastcoat, who went on a six-month sabbatical at the end of 2007.
Fidelity says it is still in discussions with Wastcoat over a possible return.
Shaughnessy’s responsibilities will include helping grow FundsNetwork. He has 20 years experience in financial services and spent the last nine years at M&G and Prudential, where he will continue in his role until at least the autumn, before moving to Fidelity. A replacement has not been decided.
Shaughnessy will report to president of Fidelity Europe Robert Higginbotham, who says: “Gary will help us develop our retail business in the UK through distribution and continued growth while his experience will also be beneficial in the evolving platform world.”
Shaughnessy says: “After nine years, it is sad to leave Prudential but the opportunity to join Fidelity was too good to turn down. It is early days to make calls on what changes we will make but part of my job will be to look at what the IFA wants and the UK business needs.”