Fidelity Worldwide Investment has appointed Hugh Mullan, currently European chief operating officer, to lead its UK defined contribution and retail business – a role he takes up at the start of next month.

Mullan replaces Gary Shaughnessy, who after having held the role for close to four years is leaving the firm to pursue other opportunities. Details of his next position have yet to emerge.

Mullan has been with Fidelity since 2008, having previously worked for Barclays’ wealth and investment management division, Citigroup, and Schroders, where he managed the UK retail business.

In other recent developments, earlier this month the firm launched its Global Demographics Fund aiming to garner “superior” long-term returns by tapping into companies whose profits are principally driven by key social trends, such as the world’s ageing population, which is growing in terms of both size and wealth.

The Luxembourg-domiciled SICAV fund, managed by Hilary Natoff and Nicky Stafford, is an unconstrained portfolio of between 50 and 80 stocks with a focus on long-term social trends.

The fund will invest in two types of company: the “winners of today” and the “winners of tomorrow”, the firm said. The former concerns companies which have already benefited from demographic trends, while the latter typically comprises leaders in new growth markets with strong future growth prospects.