Gary Shaughnessy, head of Fidelity's retail business, is leaving the firm to become chief executive of Zurich's UK life business.
He will report to David Sims who, in addition to being CEO Zurich Global Life in Europe, has been interim CEO for Zurich's UK Life business since Michael Brennan retired last August.
Hugh Mullan takes on the role of managing director of Fidelity Worldwide Investment's UK defined contribution and retail business.
Mullan, who is presently European chief operating officer and a member of the company's Global Operating Committee, will take up his new role at the start of April.
He joined Fidelity in 2008 and has previous experience in senior roles at Barclays Wealth, Schroders and Citigroup. In these roles he has worked across a range of asset management and UK distribution disciplines.
At Schroders he managed the UK retail business and he has also held responsibility for functions such as product development, client servicing, investment administration and technology.
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.
He has more than 20 years' experience in the financial services industry in roles spanning the general insurance, life and pensions, personal finance and investment marketplace. He has held roles at Bank of Scotland, AXA, and Prudential.
During his time in the industry, Shaughnessy has helped drive the development of the medium and long term savings market as a whole including chairing the IMA's Retail Investment Committee in 2005-2006 and being a member of the ABI's Life and Pensions Board in 2007-2008.
Thomas Balk, president of 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."
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