Gary Shaughnessy appointed as managing director, UK retail

London, 11 June 2008 – Fidelity International (FIL) has today announced the appointment of Gary Shaughnessy as Managing Director, UK Retail. Gary will report to the President of Fidelity Europe, Robert Higginbotham.

In this role, Gary Shaughnessy will be responsible for Fidelity International’s retail distribution business and strategy in the UK, including FundsNetwork™. This includes the distribution of FIL’s retail product range through wholesale and IFA channels as well as direct to investors. Client assets managed via these channels exceed £21 billion*. In addition a further £13 billion of assets are administered via the FundsNetwork platform**.

Gary has spent the last nine years at M&G and Prudential, where he is presently responsible for the UK Retail Life & Pensions business as Managing Director, focussed on the growing retirement market and incorporating all direct and intermediated distribution. Gary has nearly 20 years’ experience in the financial services industry across a wide range of product groups, including mutual funds, pensions, annuities and income drawdown as well as insurance and personal finance.

Commenting on his appointment Robert Higginbotham said: "I am delighted that we have recruited Gary. His deep industry knowledge and experience across a wide range of product areas make him ideally suited to manage our largest retail business in Europe. Gary’s proven track record, commercial skills and marketing background will be very valuable in developing our retail strategy in the UK and getting us back to being the UK’s largest mutual fund manager."

FIL Limited ("FIL") and its subsidiary companies serve the major markets of the world by providing investment products and services to individuals and institutional investors outside the US. FIL Limited manages a total of £130.4 billion of assets***.