Fidelity names Morrison to head asset management

Longtime veteran replaces O'Hanley as unit loses ground to rivals amid investor outflows

Feb 20, 2014 @ 2:03 pm

Fidelity Investments, the second-biggest U.S. mutual fund company, named Charles Morrison to succeed Ronald P. O'Hanley as head of the asset-management unit.

Mr. Morrison, 53, who joined Fidelity in 1987 as a bond analyst, most recently was head of Fidelity's $750 billion fixed-income division, the company said Thursday in a statement. Mr. O'Hanley said in January he will step down from his role at the end of this month.

Mr. Morrison takes over asset management, including the company's iconic fund unit, as it is losing ground to rival firms and as Fidelity continues to shift emphasis to its record-keeping, retirement and brokerage businesses. Those services, while less profitable than managing assets, oversaw $4.62 trillion as of Dec. 31 after taking in $126.9 billion in client money in 2013. The investing unit, which manages $1.94 trillion, lost $1.1 billion to investor withdrawals last year.

“Charlie's diverse experience during his 27 years at Fidelity positions him well to advance our asset-management business by continuing to deliver strong, consistent performance across all asset classes, sharpening our global investment focus, and offering innovative products that help deliver better outcomes for our clients,” Fidelity President Abigail Johnson said in the statement.

Mr. Morrison, who earned a bachelor's degree from Dartmouth College and an MBA from Harvard Business School, became a mutual fund manager in 1995. He was named president of the fixed-income division in 2011.

(Bloomberg News)

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Advisers beware: tax law has unintended consequences

Commission accounts could be preferable for some clients, and advisers could be incentivized to move from employee broker-dealers to independent channels.

Recommended Video

Path to growth

Latest news & opinion

Cutting through the red tape of adviser regulation is tricky

Don't expect a simple rollback of rules under the Trump administration in 2018 — instead, regulators are on pace to bolster financial adviser oversight.

Bond investors have more to worry about than a government shutdown

Inflation worries, international rates pushing Treasuries yields higher.

State measures to prevent elder financial abuse gaining steam

A growing number of states are looking to pass rules preventing exploitation of seniors.

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

The firm said it lost 47 brokers in the fourth quarter, the most in any quarter of 2017.

Morgan Stanley's wealth management fees climb to all-time high

Improvement reflect firm's shift of more clients into fee-based accounts priced on asset levels, which boosts results as markets rise.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print