Your Fidelity Investments account is looking for a new boss
Kathleen Murphy to retire from overseeing $3.6 trillion in assets
Fidelity Asset Management vice chairman Peter Lynch gives his tips on how to beat the market and what made him one of the most successful mutual fund managers of all time.
Fidelity Investments' Kathleen Murphy will retire later this year as president of the money manager's sprawling personal-investing business.
Ms. Murphy, 57 years old, plans to step down by midyear, Fidelity Chief Executive Abigail Johnson wrote in a memo to staff Thursday. The firm expects to name a successor in the coming months, people familiar with the matter said.
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Fidelity's personal-investing business oversees $3.6 trillion in assets. The unit now has 18,000 employees.
Ms. Murphy led the division for more than a dozen years, spearheading the growth of Fidelity's financial-advisory arm and maintaining its leading role in a brokerage industry roiled by technology, consolidation and a relentless drive to lower costs.
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Under her watch, Fidelity joined its peers in slashing commissions to zero and offering fractional-share trading, while also introducing Wall Street's first no-fee mutual funds.
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"This past year, Kathy helped to steer Fidelity through a global pandemic while remaining steadfast in our commitment to our clients and associates," Ms. Johnson wrote in the memo. "For me personally, I will miss Kathy's leadership, passion, energy and relentless will to innovate and improve."