Abigail Johnson, the heir-apparent at privately held Fidelity Funds and one of the most powerful financial executives in the country, was reassigned by her father Monday under a previously announced plan to broaden her expertise at the Boston-based money manager.
The 43-year-old daughter of Fidelity Chairman Ned Johnson was named president of Fidelity's sprawling pension outsourcing unit, which is known as Fidelity Employers Services. She had previously been president of the company's flagship investment subsidiary, Fidelity Management & Research.
Johnson, who personally owns about one quarter of the No. 3 U.S. fund shop, was reassigned as part of a larger shakeup at the top of Fidelity. The company named Robert Reynolds, its vice chairman and chief operating officer, to head FMR, while Peter Small was named president of a new institutional management group.
Small was previously head of Fidelity Employers Services.
"Fidelity has grown significantly over the past decade, both in terms of assets under management and the types of businesses we are involved in," Ned Johnson said in a release. "It makes good sense for us to stop and take a close look at where we are and what we can do better. That's what we're doing here."
Ms. Johnson was listed in
last year as 31st richest person in the world, with an estimated net worth of about $9.8 billion.