Fidelity Investing Head Ronald O'Hanley to Leave in February

(Bloomberg) -- Fidelity Investments said Ronald P. O’Hanley, the firm’s head of asset management since 2010, will leave at the end of February, without giving a reason.

The Boston-based firm, the second-largest mutual fund company, plans to replace O’Hanley with an internal successor, which it didn’t name, according to a memo to employees today from President Abigail Johnson.

O’Hanley took over as Fidelity was struggling to recover from the 2008 financial crisis and investors fled actively managed stock fund, the firm’s traditional area of strength. Two years later, the company named Abigail Johnson president, positioning her to succeed Chairman Edward C. “Ned” Johnson III.

“Ron has effectively led the globalization of our investment team, driven solid investment performance across asset classes, built influential stakeholder relationships and launched innovative advancements to existing and new products,” Johnson said in the memo.

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