(Dow Jones) Fidelity Investments is once again shuffling its top management and perhaps bringing more clarity to the mutual-fund and brokerage company's succession plan.
It is bringing on Bank of New York Mellon Corp. executive Ronald P. O'Hanley and promoting Abigail Johnson to positions just beneath Fidelity Chairman and Chief Executive Officer Edward C. Johnson 3rd, the Boston company said Monday.
Both are being groomed as potential successors to Johnson, according to people familiar with the matter.
Mr. O'Hanley, 53 years old, president and CEO of BNY Mellon Asset Management, will lead asset management and corporate services, including its mutual funds, at Fidelity. The firm ranks among the nation's largest asset managers, with $1.5 trillion under management.
Ms. Johnson, 48, president of personal and workplace investing and daughter of Mr. Johnson, will head all distribution channels, including the funds sold through advisers and workplace retirement plans. Her new title will be president of personal, workplace and institutional services.
BNY Mellon said Mr. O'Hanley wasn't available to comment.
Jacques Perold will remain head of Fidelity's mutual-fund company, Fidelity Management & Research Co.
Mr. O'Hanley has overseen management of more than $1 trillion at BNY Mellon, a business that also is one of the largest asset managers in the country.
In addition to managing the investment subsidiaries at BNY Mellon, Mr. O'Hanley has been responsible for distribution of BNY Mellon's asset-management products.
Fidelity's search that resulted in Mr. O'Hanley's hiring was handled by Goldsmith & Co., a New York recruiting firm.
At BNY Mellon, Mr. O'Hanley will be succeeded on an interim basis by Jonathan Little, vice chairman, and Mitchell Harris, who heads the asset-management group's currency and bond division, the company said.
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