Fidelity Restructures Its Top Management (BK)

Fidelity Investments has reorganized its top echelon management. The mutual fund behemoth has hired a top Bank of New York Mellon Corp. (NYSE: BK) executive for its asset-management business.

The insurer has also expanded the scope of power of Abigail Johnson, the daughter of its chief executive, Edward C. Johnson III. She will now supervise the distribution business as well as the Institutional Services unit. She will also continue oversee the retirement and personal investing business. Her new role will bring her closer to the top spot.

The company’s Asset Management and Corporate Services unit will now function under Ronald O’ Hanley. According to Reuters, he will also be responsible for legal and government affairs. Hanley currently leads BNY's (BK) Asset Management business. The company has also stated that its 80-year old CEO has no immediate plans to retire.