Fidelity will fold all of the firm's "customer and client-focused businesses" into a new entity called Fidelity Personal, Workplace and Institutional Services. This includes Fidelity Institutional and Fidelity Investments Institutional Services, as well as the Personal Investing and Workplace Investing units that Ms. Johnson has led for five years. She will be president of the new entity, in addition to her current role as vice chairman and director of the holding company for Fidelity Investments, FMR LLC. Ms. Johnson is currently also "a member of the Fidelity Executive Committee; and chairman of the Fixed-Income/Asset Allocation Board of Trustees," the firm said in the announcement.
"This new structure will position Fidelity strategically for the future by bringing all of the firm's distribution resources together," Mr. Johnson--who is Ms. Johnson's father--said in the release.
O'Hanley's new role will begin when he joins Fidelity in "mid-summer," the release stated. He will run "Fidelity Management & Research Company (FMRCo), Pyramis Global Advisors and Fidelity's Asset Allocation Division, comprising Strategic Advisers, Inc., and Global Asset Allocation, as well as all corporate functions." O'Hanley joins Fidelity from BNY Mellon Asset Management, which has more than $1 trillion in assets under management, and where he was president and CEO. He was vice chairman and a member of the executive committee of Bank of New York Mellon Corporation.
"Ron O'Hanley will bring valuable asset management and executive experience to our investing and corporate functions as well as a strong leadership track record, Mr. Johnson stated in the announcement.
Fidelity Investments has, as of March 31, more that $3.3 trillion in assets under administration, including $1.5 trillion in AUM.
Comments? Please send them to kmcbride@wealthmanagerweb.com. Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.
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