BOSTON (Reuters) – Fidelity Investments said on Friday that its asset management chief, Charles Morrison, is leaving the company and that it plans to name a replacement in “the near term.”
FILE PHOTO: A sign marks a Fidelity Investments office in Boston, Massachusetts, U.S. September 21, 2016. REUTERS/Brian Snyder
Morrison, who has been with Fidelity for 32 years, has been president of the asset management division since 2014. He is expected to retire at the end of the year, Fidelity said. During his tenure, assets under management climbed by 37 percent to a record $2.6 trillion at the end of August.
Fidelity said it has a succession plan and expects to “be in a position to name Charlie’s replacement in the near term.”
The Wall Street Journal first reported the news.
Morrison is leaving Fidelity at a time the privately-held firm has been lowering fees, even eliminating management fees altogether on two recently launched index funds, as it battles industry rivals to attract and keep increasingly cost-conscious clients.
In his nearly five years as asset management chief, Morrison expanded the types of portfolios Fidelity offers, pushing more into exchange traded funds, for example.
Before being elevated to asset management chief, Morrison ran Fidelity’s fixed income division.
Reporting by Svea Herbst-Bayliss; Editing by Nick Zieminski