Big Announcement from Fidelity

Let me let you in on today’s major announcement from Fidelity.

I spoke with someone earlier this morning who is not a household name for Fidelity Investors, but who soon will be. Charlie Morrison, former president of Fixed-Income for Asset Management and vice chairman of Pyramis Global Advisors, has been named President of Asset Management, replacing Ron O’Hanley in a mission critical role for Fidelity’s current product and performance lineup, future investment product development, and management challenges and opportunities that he will help Abigail Johnson navigate. Download NR Fidelity appoints Morrison president of Asset Management 2-20-14-F

When Ron O’Hanley announced his departure, I mentioned Charlie and two other most-likely-to-succeed-Ron senior, internal people that I felt had the deep understanding of culture, the proven ability to deliver performance in investment vehicles as well as their management teams, and whom Abigail Johnson would trust deeply and abidingly. I view today’s announcement as very good news.

His bio: Charlie was in a senior role at Fidelity overseeing several strategic projects for the company. From 2004 to 2009, he served as president of Fidelity’s Money Market Group. Prior to that, Charlie served as head of Fidelity’s Bond Group from 2002 to 2004.

Charlie joined Fidelity as a corporate bond analyst in 1987. He began managing Trust accounts in 1990 and was promoted to a vice president of Fidelity Management Trust Company in 1992. During this time, he was responsible for managing a variety of short-term, as well as broad-market, bond portfolios. From 1995 to 1997, Charlie managed Fidelity Short-Term Bond Fund, Spartan Short-Term Bond Fund, and Fidelity Advisor Short Fixed Income Fund. He managed the fixed-income investments for Fidelity Asset Manager, Fidelity Asset Manager: Income, Fidelity Asset Manager: Aggressive, Fidelity Asset Manager: Growth, Fidelity Advisor Asset Allocation and Fidelity Global Asset Allocation portfolios from 1996 until 2002.

Born in 1960, Mr. Morrison earned his Bachelor of Arts degree in economics from Dartmouth College in 1983 and an MBA from Harvard Business School in 1987.