Clougherty’s departure from Aviva Investors came amid a reorganisation which has also affected the parent company Aviva and that saw the CEO role transferred to the life business.
He left at the end of March due to "a slight reorganisation of internal functions within the UK life business", according to a spokesperson for the firm, although he added Aviva Investors would continue as a separate standalone business.
At Fidelity Clougherty will be responsible for the Fidelity-branded fund business, which distributes via wholesale and intermediary channels.
Fidelity said in his new role he would have "end-to-end" responsibility for Fidelity’s UK Retail business, with accountability for asset gathering, financial performance, product development and the identification of growth opportunities.
Testing times
His appointment comes at a time when Fidelity is floundering, highlighted by the departure of Gary Shaughnessy as the UK managing director to head up Zurich’s UK life business.
In the year to the end of February Fidelity saw outflows total £1.8bn, with some of its flagship funds suffering the most from investors pulling cash out.
For more on the developments at Fidelity and to find out the worst hit funds at the firm, read our analysis from the time of Shaughnessy’s departure.
