Abigail Johnson has been named president of Fidelity Investments, succeeding her father, Edward Johnson, who will now serve as chairman and chief executive.

According to a statement, the move consolidates all of the firm's core businesses under Abigail Johnson's leadership. Reporting to her father, Edward Johnson, she will oversee the firm's financial services businesses. This includes asset management, retail and institutional brokerage, as well as retirement and benefits services, corporate operations and function support groups. 

“As our business continues to evolve, we want to bring all of our resources together to position our firm strategically to optimize our competitive capabilities to meet the growing and evolving needs of our mutual fund shareholders, clients and customers,” Edward Johnson said.

In her most recent position at Fidelity, Abigail Johnson was president of the personal, workplace and institutional services organization, which includes the retail and institutional brokerage divisions, as well as retirement and benefits services. In that role, she partnered with Ronald O’Hanley, president of asset management and corporate services.

O’Hanley will continue to oversee all asset management and corporate services, while reporting to Abigail Johnson. The firm said the leaders of its brokerage and mutual fund distribution businesses will also continue to report back to her.

In addition to her role as president, she serves as vice chairman and director of FMR, the holding company for the businesses of Fidelity Investments, as well as chairman of the board of trustees for the fixed income and asset allocation funds.

Fidelity Investments has $3.7 trillion in assets under administration, including $1.6 trillion in managed assets, as of 31 July.