Fidelity Asset Management Head Ron O’Hanley to Leave

Ronald P. O’Hanley, Fidelity Investments’ head of asset management, is stepping down after less than four years in the role, giving President Abigail Johnson an opportunity to consolidate control of the family-owned firm.

Fidelity, the second-largest mutual fund company, plans to replace O’Hanley with an internal successor, whom it didn’t name, according to a note to employees today from Johnson. O’Hanley, in a separate memo, said he plans to spend more time with his family and nonprofit organizations, before considering a new professional challenge.