(Bloomberg) -- Fidelity Investments resolved the long-running question over its succession plan by naming Abigail P. Johnson president, putting the daughter of Chairman Edward C. "Ned" Johnson III in charge of the key businesses at the second-largest mutual-fund company in the U.S.

Abigail Johnson, 50, will oversee asset management, retail and institutional brokerage, retirement and benefits services, the Boston-based firm said yesterday in a statement. While she will report to her father, who remains Fidelity's chief executive officer, the appointment makes her arguably the most powerful woman in the $12.2 trillion fund industry.

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