US - Fidelity Investments has reworked its top ranks and brought in BNY Mellon Asset Management president and chief executive Ronald O'Hanley to lead its asset management business while expanding Abigail Johnson's role to oversee distribution.
Fidelity late yesterday announced the establishment of separate asset management and distribution businesses with O'Hanley and Johnson, serving as president of their respective units.
O'Hanley will become president of asset management and corporate services "mid-summer" and will oversee Fidelity organisations like Pyramis Global Advisors.
Fidelity chairman Edward Johnson III said: "This new structure will position Fidelity strategically for the future by bringing all of the firm's distribution resources together to focus on providing outstanding products and services to Fidelity's clients and customers."
Regarding O'Hanley, he said: "At the same time, Ron O'Hanley will bring valuable asset management and executive experience to our investing and corporate functions as well as a strong leadership track record. We are looking forward to having him join our firm."
Abigail Johnson has led Fidelity and Workplace Investing for five years. She will now run all client-focused business, including Fidelity Institutional, Personal Investing, Workplace Investing and Fidelity Institutional Services. The new group will be called Fidelity Personal, Workplace and Institutional Services, the firm said in a release.
BNY Mellon moved quickly to announce an interim replacement for O'Hanley. BNY Mellon Asset Management vice chairman Jonathan Little and head of fixed income, cash and currency Mitchell Harris will step in on an interim basis.
BNY said in a release it will search internally and externally for a new head of asset management.
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