Fidelity Investments has brought in Anthony Ryan to head its asset management strategy and product development unit, according to media reports.

Mr Ryan is taking up a newly-created position, with responsibility for long-term investment strategies as well as developing and co-ordinating investment management products.

Mr Ryan was acting undersecretary for domestic finance for the US Treasury Department during the last months of the administration of President George W Bush, having been at the Treasury since 2006 and having held senior posts in the investment management industry during the previous 20 years.