Monday, May 10, 2010
Fidelity Taps BNY Mellon's O'Hanley; Abby Has a New Role
Reported by Sean Hanna, Editor in Chief
The top executive at BNY Mellon's Asset Management arm has jumped ship to Fidelity. The move involves a reorganization at the Boston Behemoth that puts distribution under Abby Johnson and asset management under newly hired Ronald P. O'Hanley. It also creates an opening for the top spot in New York for BNY Mellon AM.
| Ron O'Hanley |
Incoming President, Corporate and Asset Management
O'Hanley stepped down as CEO and president of BNY Mellon Asset Management to take to take the post as president of Fidelity Investments' asset management and corporate services, Fidelity officials confirmed. He will formally join Fidelity in mid-Summer.
, who replaced Mike Wilens as head of asset management at the start of the year, will remain head of FMRCo, and will report to O'Hanley.
Meanwhile, Fidelity scion Abby Johnson
becomes president of Fidelity Personal, Workplace and Institutional Services. The new organization within Fidelity includes all of the Boston firm's customer and client-focused businesses, including Fidelity Institutional, Personal Investing,
Workplace Investing and Fidelity Investments Institutional Services.
| Abby Johnson |
President of Personal, Workplace and Institutional Services
Both will report directly to Edward C. Johnson 3d, Fidelity chairman and chief executive officer.
Meanwhile, BNY Mellon officials stated that Jonathan Little and Mitchell Harris will co-head the company's asset management business on an interim basis while BNY Mellon searches for O'Hanley's replacement. The pair will report to BNY Mellon Chairman and Chief Executive Officer Robert P. Kelly.
The bank-owned asset manager is considering both internal and external candidates for the post. The asset manager engaged Korn/Ferry International to assist with its search.
Little is currently vice chairman of BNY Mellon Asset Management and represents Asset Management on BNY Mellon's Executive Committee. Harris is chairman of the Fixed Income, Cash and Currency Group of BNY Mellon Asset Management.
"We have a highly experienced management team across our multi-boutique asset management business. All of our boutiques are led by CEOs with the proven ability to deliver strong investment performance and superb client service for our clients around the globe," said Kelly in a statement.
Fidelity Press Release
FIDELITY® ANNOUNCES ESTABLISHMENT
OF SEPARATE ASSET MANAGEMENT AND DISTRIBUTION ORGANIZATIONS
Abigail Johnson Takes on New Role Overseeing All of Distribution;
BNY Mellon Executive Ronald P. O’Hanley
Named to Oversee Asset Management and Corporate Services
BOSTON, May 10, 2010 -- Fidelity Investments® today announced the establishment of
separate Asset Management and Distribution organizations, promoting Abigail Johnson to head
all distribution channels and hiring BNY Mellon Asset Management President and Chief
Executive Officer Ronald P. O’Hanley to lead Asset Management and Corporate Services. Both
will report directly to Edward C. Johnson 3d, Fidelity chairman and chief executive officer.
"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," said Edward Johnson. “At the same time, 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. We are looking forward to
having him join our firm."
O’Hanley, 53, will join Fidelity as president of Asset Management and Corporate
Services in mid-summer. In his new role, O’Hanley will oversee all of Fidelity’s Asset
Management organizations, including 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. Jacques Perold
will remain head of FMRCo, reporting to O’Hanley.
In her new role, Abigail 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 Abby will assume her
new responsibilities as its president immediately.
In addition to her current role overseeing Personal and Workplace Investing, Abigail
Johnson is a vice chairman and director of FMR LLC, 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.
In her new role, Ms. Johnson will oversee all
of the firm’s distribution channels, adding Fidelity Institutional -- which serves banks, brokerdealers, insurers, registered investment advisors, and other financial professionals -- and
Fidelity Investments Institutional Services Company (FIIS) -- which provides investment
management services through investment professionals at financial institutions nationwide -- to her responsibilities.
Ron O’Hanley joined Mellon Financial Corp. (predecessor institution to BNY Mellon) in
1997. As president and CEO of BNY Mellon Asset Management, O’Hanley led a business that
has become one of the largest asset managers in the United States, with over $1 trillion in assets
under management. He also has served as vice chairman of the Bank of New York Mellon
Corporation and a member of the firm’s Executive Committee. In addition to leading Fidelity’s
Asset Management activities, O’Hanley will oversee Financial Services Finance, Legal, Human
Resources, Government Affairs and Public Policy, Operations, and Administration.
All of the current leaders of the organizations who will report to O’Hanley and Abigail
Johnson will remain in their roles.
Fidelity Investments is one of the world's largest providers of financial services, with
assets under administration of more than $3.3 trillion, including managed assets of $1.5 trillion, as of March 31, 2010. Founded in 1946, the firm is a leading provider of investment
management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and
many other financial products and services to more than 20 million individuals and institutions,
as well as through 5,000 financial intermediary firms. For more information about Fidelity
Investments, visit www.fidelity.com.
BNY Mellon Press Release
NEW YORK, May 10 -- BNY Mellon announced today that Jonathan Little and Mitchell Harris will co-head the company's asset management business on an interim basis following the departure of Ronald P. O'Hanley, president and chief executive officer of BNY Mellon Asset Management. Mr. O'Hanley is leaving to accept a new opportunity in the financial services industry.
Mr. Little is currently vice chairman of BNY Mellon Asset Management and represents Asset Management on BNY Mellon's Executive Committee. Mr. Harris is chairman of the Fixed Income, Cash and Currency Group of BNY Mellon Asset Management. Both will also continue in their current roles as they assume their interim responsibilities, reporting to BNY Mellon Chairman and Chief Executive Officer Robert P. Kelly.
The company will conduct a comprehensive search for a permanent head of the asset management business, considering internal and external candidates.
"Ron has provided outstanding leadership to our asset management business and we wish him the very best as he moves to a new leadership role in the industry," said Mr. Kelly. "We have a highly experienced management team across our multi-boutique asset management business. All of our boutiques are led by CEOs with the proven ability to deliver strong investment performance and superb client service for our clients around the globe. I'm pleased that we will have the benefit of Jon and Mitchell's leadership during this transition period. We will conduct a comprehensive search to find the very best person to ensure we continue to capitalize on the terrific growth prospects that lie ahead for our asset management business globally."
Mr. Little currently has responsibility for all of the corporation's non-U.S. asset management businesses, including joint ventures and subsidiary companies worldwide. He is a director of many of the firm's asset management boutiques, including Newton Investment Management Ltd, Pareto Investment Management, Walter Scott and Partners Ltd, EACM Advisors, Alcentra, Hamon Investment Group and Blackfriars Asset Management. He is Chairman of Insight Investment Management, a Director and former Chairman of BNY Mellon Asset Management International Ltd and WestLB Mellon Asset Management, and was formerly Chairman of The Dreyfus Corporation. Prior to joining the company in 2000, Mr. Little held key leadership roles at JP Morgan and Fidelity Investments.
As head of the Fixed Income, Cash and Currency Group, Mr. Harris oversees businesses with more than $500 billion in assets under management including Pareto, Standish Mellon Asset Management LLC, Alcentra and BNY Mellon Cash Investment Strategies. His prior roles include serving as chief executive officer of Standish and Pareto Partners. He remains the chairman of both. Prior to joining Pareto in 1993, Mr. Harris worked at Citibank for 14 years where his roles included managing the private bank business in Germany and Jersey (Channel Islands), and the London private bank for European marketing.
BNY Mellon ranks among the top 10 asset management firms in the U.S. and is also a global leader with more than $1.1 trillion in assets under management. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon's affiliated investment management firms and global distribution companies.
BNY Mellon has engaged Korn/Ferry International to assist in the search process.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE:BK - News). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at http://www.bnymellon.com/.
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