Ronald O’Hanley, president and CEO of BNY Asset Management, will join Fidelity as president of Asset Management and Corporate Services, according to a news release.
Abigail Johnson, daughter of Fidelity Chairman and CEO Edward “Ned” Johnson and president of Fidelity Investments Personal and Workplace Investing, will become head of all Fidelity distribution channels.
Both Mr. O’Hanley and Ms. Johnson will report directly to Mr. Johnson.
The new structure separates the giant firm’s asset management and distribution channels.
Mr. Johnson, in the news release, said the new distribution structure “will position Fidelity strategically for the future by bringing all of the firm’s distribution resources together to focus on providing outstanding products and services to Fidelity’s clients and customers.”
Mr. O’Hanley will join Fidelity in midsummer. Efforts to reach him were unsuccessful.
Ms. Johnson and Mr. O’Hanley take over responsibilities previously held by Rodger Lawson, who stepped down at the end of March.
Ms. Johnson, in addition to her current role overseeing Personal and Workplace Investing, also was named a vice chairman and director of FMR LLC, the holding company for the businesses of Fidelity Investments. With the consolidation of the company’s distribution operations, she will also oversee Fidelity Institutional and Fidelity Investments Institutional Services Co.
According to industry sources, New York-based executive recruiting boutique Goldsmith & Co. handled the search for Fidelity’s asset management and corporate services president role.
At BNY Mellon, Jonathan Little, the vice chairman of BNY Mellon Asset Management, and Mitchell Harris, chairman of the fixed income, cash and currency group that comprises more than 50% of BNY Mellon Asset Management’s assets under management, will serve as interim co-heads of the firm while the company conducts a “comprehensive search for a permanent head of the asset management business,” according to a company news release. The search will consider both internal and external candidates.
According to the news release, Korn/Ferry International was hired to assist in the search.
Bloomberg contributed to this story.