Drew E. Lawton, most recently an executive vice president at Fidelity Employer Services Company (FESC), has been promoted to the position of chairman and president of Fidelity Management Trust Company (FMTC). The unit, which is a part of Fidelity Employer Services, manages more than $58 billion in assets for corporate and public DB pension plans, endowments and foundations. Lawton (43) reports to Peter J. Smail, president, FESC.

"The recent behavior of the U.S. financial markets has prompted defined benefit plan sponsors to dedicate even greater attention to developing optimal long-term solutions to plan funding issues," Smail said. "Drew's extensive experience in the institutional marketplace and the investment and retirement businesses will be a tremendous benefit to Fidelity and its institutional clients as we partner with them and their consultants to create and execute these solutions."

Lawton is replacing Richard Horlick, who left the firm last month to return to the U.K. in order to pursue a new career opportunity in the area of investment management, confirmed a spokesman for Fidelity.

At FESC, Lawton managed the unit's bundled product for pension plans. He will retain the bulk of his previous duties in the DB solutions area and will not be officially replaced. At an earlier juncture, Lawton managed the investment services organization for FIRSCo. He joined Fidelity in 1997, and is a 20-year veteran of the DB and DC industries.  

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