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Monday, April 19, 2010

Will Fidelity Be Run By Committee?

News summary by MFWire's editors

The speculation about the future of Fidelity continues. Looking beyond the recent departure of Fidelity president Rodger Lawson, Pensions & Investments' Douglas Appell reports that, according to some bankers and recruiters, Fidelity might eventually replace Ned Johnson's leadership with that of a committee, not a single chief executive.

Anne Crowley, a spokeswoman for Fidelity, told The MFWire that the P&I story is "filled with a bunch of rumor and speculation."

"Ned Johnson ... is firmly in control of the firm. He has for many, many years been supported in overseeing the operations on a day-to-day basis by a committee of executives which is largely made up of key executives with oversight over the major divisions," Crowley said. "There is nothing new about that."

In discussing Fidelity's fortunes, P&I paraphrases NEPC manager research chief Steve Charlton, who calls the Boston Behemoth "the proverbial supertanker: difficult to turn on a dime and seemingly moving in the right direction." 

Edited by: Neil Anderson, Managing Editor

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