Pamela Holding and Timothy M. Cohen were promoted to co-heads of Fidelity Investments' equity division, which manages nearly $1 trillion.
The two report to Charles Morrison, president of Fidelity's asset management division, said Vincent Loporchio, a company spokesman, in an email.
After a transition period, Ms. Holding will have oversight of the investment teams for the value and income, small-cap, international and Fidelity Institutional Asset Management equity strategies, as well as three managing directors of equity research, Mr. Loporchio said.
Mr. Cohen will take responsibility for the growth, large-cap core, capital appreciation and midcap equity investment teams ,as well as five managing directors of equity research and the head of equity trading.
The pair replace Brian Hogan, who was named head of investment solutions and innovation at Fidelity in January. He also oversees the firm's strategic advisers' business, Mr. Loporchio said. Mr. Hogan is working closely with the pair during the transition period, which will end this month.
Ms. Holding is chief investment officer for Fidelity Institutional Asset Management's equity group. Mr. Loporchio said the firm will name an existing investment officer to replace Ms. Holding as CIO. Mr. Cohen is head of global equity research and will not be directly replaced. Instead, he and Ms. Holding will have joint oversight of research functions and personnel.
Ms. Holding and Mr. Cohen "both have … exhibited outstanding leadership capabilities in both their current and past investment roles," Mr. Morrison said in an email, adding "we believe the co-head structure provides additional leadership and oversight resources to the equity division and strongly positions our equity strategies for future success on behalf of our clients."
Fidelity managed about $2.4 trillion in assets as of Dec. 31.