Fidelity International has hired Michael Reed to run its business in South Korea as country head. This will be Reed's second tour of service in the country, having served in a similar capacity for three years at Franklin Templeton.

Starting at the end of November, he will replace Stuart Guinness, who has served as acting head of business since earlier this year. Guinness had moved to Seoul from Singapore to take the reins from David Proud, who had transferred to London. Guinness, whose specialisation is product development, will move back to Singapore for family reasons.

Reed's most recent role was as Asia chief executive at Standard Life Investments in Hong Kong. He had joined SLI in 2005, but was squeezed out in March as the firm downsized. He brings 15 years of industry experience and South Korea market knowledge to Fidelity, both on the retail and institutional side. For example, at Templeton he oversaw the first win by a foreigner for an investment mandate from the National Pension Service.