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.