Changes at Fidelity clarifying succession picture

Aaron Pressman

The news out of mutual fund giant Fidelity Investments today that Chief Operating Officer Bob Reynolds is retiring marks the most significant management development at the Boston firm since Reynolds took the number two job seven years ago. Fidelity didn't name a replacement for Reynolds, instead splitting his duties up among a group of senior executives. But the biggest winner was clearly Ellyn McColgan, who was elevated from president of Fidelity's brokerage company to a newly created position of president of "distribution and operations." In that role, she'll oversee the brokerage plus institutional services, which sells Fidelity products through big banks and brokers, and the firm's insurance efforts.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.