Fidelity Investments brought together its personal investments and workplace savings operations into a new unit to be run by Abigail Johnson, said spokeswoman Anne Crowley. Ms. Johnson is the daughter of Fidelity Chairman Edward C. “Ned” Johnson III. The move is part of a broader reorganization Rodger A. Lawson, president of parent FMR Corp., announced internally to Fidelity employees on Wednesday, Ms. Crowley said. The new division will include three main areas: retirement services, led by Scott David, president of Fidelity Retirement Services; product marketing, to be led by Sanjiv Mirchandani, president of the growth business group; and distribution, to be led by Steve Akin, executive vice president of corporate services. All three will report to Ms. Johnson.
Other changes include the creation of a new institutional organization to look after banks, insurers, registered investment advisers and other intermediaries. Fidelity will announce the hiring of the person who will lead that organization next week, according to Mr. Lawson’s announcement. He also cited the need to control expenses so Fidelity would be able to use pricing as “a weapon” to take market share from other firms.
