Fidelity Investments has declined to back Abigail Johnson for the company's succession. The news comes on the heels of reports last week that she transferred some of her stock to family trusts.

"Neither Abby, nor Ned, has ever said that Abby is the heir apparent," said Anne Crowley, a spokeswoman at Boston firm told the Boston Herald. "It is not something she or Ned has ever stated."

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