Mutual fund giant Fidelity Investments announced Monday a major restructuring that includes replacing Abigail Johnson, the chairman's daughter, with a committee to run its money management arm, Reuters reports.

Boston-based Fidelity, which has more than $1.1 trillion in assets under management, said Johnson will become president of Fidelity's Employer Services Company, which provides retirement, benefits and human resources services to companies. Johnson, whose family controls the privately held company, was promoted four years ago to run the money management division, succeeding Robert Pozen.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.