Abby Johnson to lead new unit — including Fido’s RIA custody biz

Fidelity late today announced that Abigail Johnson will head up a newly created unit that includes Fidelity’s RIA custody business.

Ms. Johnson, 48, the daughter of Edward Johnson III, Fidelity chairman and chief executive officer, was promoted to president of Fidelity Personal, Workplace and Institutional Services.

She begins her new duties immediately.

Ms. Johnson is taking on more responsibility by overseeing all of Fidelity’s intermediary businesses, said Vin Loporchio, a Fidelity spokesman.

That includes all of the firm’s distribution channels, which serve banks, broker-dealers, insurers and RIAs.
Michael Durbin, president of institutional wealth services, Fidelity’s custody business, remains in charge of that unit, Mr. Loporchio said. He reports to Gerard McGraw, president of Fidelity’s institutional products group.

Mr. Durbin had reported to Roger Lawson, who retired at the end of March.

Ms. Johnson and Mr. McGraw had also reported to Mr. Lawson. Mr. McGraw is now reporting to Ms. Johnson.
“Abby and Ron [Hanley] will report to Mr. Johnson,” Mr. Loporchio said.

Mr. Hanley is the newly named head brought over from BNY Mellon to head up asset management and corporate services at Fidelity.

The reshuffling is the latest in a series of management moves at Fidelity.

Of note to advisers who custody with Fidelity, Charles Goldman, the former president of institutional platforms, also left in March. His position was not filled.

Ms. Johnson has run a number of Fidelity businesses over the years and has been rumored as a possible successor to her father.

Mr. Loporchio said Mr. Johnson had no plans to retire, and that the firm has an undisclosed succession plan in place.