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Fidelity Establishes New Asset Management, Distribution Divisions

Fidelity Investments, a Boston-based provider of financial services and investment resources, has established separate asset management and distribution organizations, to offer better products and services to its clients and customers.

Fidelity has hired Ronald O’Hanley to lead asset management and corporate services and promoted Abigail Johnson to head all distribution channels. Both will report directly to Edward Johnson, chairman and CEO of Fidelity.

Mr O’Hanley, president and CEO of BNY Mellon Asset Management, will join Fidelity in summer. In his new role, he will oversee all of Fidelity’s asset management organizations, including Fidelity Management & Research (FMRCo), Pyramis Global Advisors and Fidelity’s asset allocation division, comprising strategic advisers, and global asset allocation, as well as all corporate functions.

In addition to leading Fidelity’s asset management activities, he will oversee financial services finance, legal, human resources, government affairs and public policy, operations, and administration.

However, Jacques Perold will remain head of FMRCo, reporting to Mr O’Hanley.

Mr O’Hanley joined Mellon Financial (predecessor institution to BNY Mellon) in 1997. He also has served as vice chairman of the Bank of New York Mellon and a member of the firm’s executive committee.

In her new role, Ms Johnson who has led Fidelity personal and workplace investing and its predecessor organization for the past five years, will oversee all of Fidelity’s customer and client-focused businesses, including Fidelity institutional, personal investing, workplace investing and Fidelity investments institutional services. This new unit will be known as Fidelity Personal, Workplace and Institutional Services, and she will assume her new responsibilities as its president immediately.

In addition to her current role overseeing personal and workplace investing, she is a vice chairman and director of FMR, the holding company for the businesses of Fidelity Investments; a member of the Fidelity executive committee; and chairman of the fixed-income/asset allocation board of trustees.

Ms Johnson will also oversee all of the firm’s distribution channels, adding Fidelity Institutional which serves banks, broker-dealers, insurers, registered investment advisors, and other financial professionals and Fidelity Investments Institutional Services (FIIS) – which provides investment management services through investment professionals at financial institutions nationwide- to her responsibilities.

Mr Johnson said: “This new structure will position Fidelity strategically for the future by bringing all of the firm’s distribution resources together to focus on providing outstanding products and services to Fidelity’s clients and customers. At the same time, Mr O’Hanley will bring valuable asset management and executive experience to our investing and corporate functions as well as a strong leadership track record. We are looking forward to having him join our firm.”