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Money Management

Fidelity Investments’ president of asset management to retire at the end of year

Charles S. Morrison, president of Fidelity Investments' asset management unit, will retire at the end of the year.

Mr. Morrison has worked for Fidelity for almost 32 years, said Adam Banker, a company spokesman, in an email. He was appointed president of the firm's $2.6 trillion asset management business in February 2014. The firm's AUM increased 37% during Mr. Morrison's tenure.

"Under Charlie's leadership, Fidelity's asset management division is at record asset and profitability levels. Charlie has built a strong and deep senior leadership team that is eager to continue building on this success," said a company statement that Mr. Banker provided.

"Charlie has also led Fidelity's strategy to significantly diversify our investment offerings by introducing new investment vehicles, such as exchange-traded funds, collective investment trusts and separately managed accounts," the statement said.

Fidelity has a succession plan for its asset management division and will name Mr. Morrison's replacement soon, Mr. Banker said.