(Bloomberg) -- Abigail Johnson is taking full control of Fidelity Investments as the money management giant faces intense competition for assets and clients from rivals including Vanguard and BlackRock.

Johnson, 54, will succeed her father, Edward "Ned" Johnson, as chairman of the family-run firm in early December, the Boston-based company said Monday. She has been chief executive officer since 2014 and will maintain that role. Edward, 86, is retiring and will become chairman emeritus.

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