Fidelity says Abigail Johnson to succeed father as chairman

(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.

Abigail Johnson has an estimated net worth of $8.1 billion, according to the Bloomberg Billionaires Index.

Under Abigail, Fidelity has been seeking to increase client deposits after losing market share to low-cost index providers such as Vanguard, the biggest mutual fund company. In 2010, Fidelity lost its crown as the largest U.S. mutual fund company by assets. Fidelity manages $2.1 trillion.

Abigail is the third generation to control the company and, like her family members, has maintained a low profile despite the reach of the firm’s mutual funds across U.S. households and in retirement accounts.

She has an estimated net worth of $8.1 billion, according to the Bloomberg Billionaires Index.

Ned Johnson built Fidelity into one of America’s premier money management firms on its reputation for picking stocks. Peter Lynch, who ran the Magellan Fund from 1977 to 1990, became the country’s best known stock picker after his fund gained 29% a year under his tenure.

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