Charles Morrison, Fidelity head of asset management, to retire at year end

The president of asset management at Fidelity Investments is retiring after nearly 32 years with the Boston-based financial services conglomerate. Charles Morrison, 57, who has led the asset management division for nearly five years, is vacating the position at the end of the year. A replacement has not yet been named, Fidelity confirmed. "We are fully committed to a smooth and seamless transition of leadership," said Fidelity spokesman Adam Banker in an email. "We have a succession plan in place and are executing on that plan," the email continued. "We will be in a position to name Charlie's replacement in the near term." Under Mr. Morrison's leadership, Fidelity's assets under management increased to a company record $2.6 trillion, up 37% since he was appointed president of asset management in February 2014. Mr. Morrison is also credited with leading Fidelity's strategy to diversify the investment offerings to include exchange traded funds, collective investment trusts and separately managed accounts. He oversees Fidelity's equity, high-income, fixed-income, and global asset allocation investment divisions. Prior to his current position, Mr. Morrison served as president of asset management's fixed-income division, a role he held from 2011 to 2014. Prior to that, Mr. Morrison was in a senior role at Fidelity overseeing several strategic projects for the company. From 2004 to 2009, he served as president of Fidelity's money market division, and from 2002 to 2004, as head of Fidelity's bond division. Mr. Morrison joined Fidelity as a corporate bond analyst in 1987. Before joining Fidelity, Mr. Morrison was a bond analyst with Dean Witter Reynolds in New York from 1983 to 1985.