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Friday, October 5, 2018

Whom Will Abby Pick to Succeed This Key Fido Chief?

News summary by MFWire's editors

One of Abby Johnson's key lieutenants is retiring soon after more than three decades with Fidelity [profile]. A successor has not been named ... yet.

Charles Sumner Morrison
FMR (dba Fidelity Investments)
President of Asset Management
Charlie Morrison, the 57-year-old president of asset management at Fidelity Investments, will retire at the end of this year, company spokesman Adam Banker confirms. Morrison has led Fidelity's asset management arm for nearly five years and has worked with firm for nearly 32 years.

"We are fully committed to a smooth and seamless transition of leadership," Banker tells MFWire. "We have a succession plan in place and are executing on that plan. We will be in a position to name Charlie's replacement in the near term."

Morrison's direct reports at Fidelity include: Tim Cohen, co-head of the equity division; Pam Holding, co-head of the equity division; Nancy Prior, president of the fixed income and high income divisions; and Vadim Zlotnikov, president of the global asset allocation division.

Fidelity's AUM rose 37 percent under Morrison's leadership, to a record $2.6 trillion as of August 31, 2018. Banker notes that Fidelity's net flows have improved and that its mutual funds are 75 percent (or more) of their peers over the trailing one-, three-, and five-year periods (as of mid-year). Under Morrison, Fidelity has expanded its offerings through more collective trusts, ETFs, and SMAs.

"Under Charlie's leadership, Fidelity's Asset Management division is at record asset and profitability levels," Banker says. "Charlie has built a strong and deep senior leadership team that is eager to continue building on this success."

An alumnus of Dartmouth and of Harvard Business School, Morrison joined Fidelity in 1987 as a corporate bond analyst. He PMed several fixed income funds in the mid-90s, then later rose to head Fidelity's bond and money market divisions before taking over as president of fixed income in 2011. 

Edited by: Neil Anderson, Managing Editor

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