Fidelity Investments announced Friday that it has promoted Rob Strickland, executive vice president of adviser and alliance distribution in Canada for the past two years, to become president of Fidelity Investments Canada. He succeeds David Denison, who left Fidelity last month to become president and CEO of the Canada Pension Plan Investment Board.
"Rob Strickland has a proven track record as a sales and general manager who aligns a company's strategic direction based on meeting the needs of its customers," said Fidelity Vice Chairman and Chief Operating Officer Robert Reynolds in a statement. "There is great opportunity for Fidelity in Canada, and we are delighted that Rob will be leading the charge as we grow our business in this marketplace."
Certainly, Strickland will have a challenge ahead of him, as Fidelity's market share has eroded in recent years. It has dropped from the fourth-largest fund company in Canada in 1999 to the eighth-largest, with $25 billion in assets. What's hurt the firm is a dearth of dividend-paying and fixed income funds, which Canadian investors prefer. The company's funds also charge fees as much as 55% higher than other funds offered by banks, according to Morningstar data.
Prior to joining Fidelity in 2003, Strickland was president of TD Bank Financial Group.