Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:[UPDATE] What Changes Are in Store at Fido? Not Rated 2.9 Email Routing List Email & Route  Print Print
Thursday, April 19, 2007

[UPDATE] What Changes Are in Store at Fido?

Reported by Neil Anderson, Managing Editor

The coming departure of Bob Reynolds and the ascension of Ellyn McColgan heralds big change at Fidelity, at least in the eyes of one industry insider. Nothing, he predicts, from Boston Behemoth's pole position in industry lobbying efforts, will change.

"They're definitely moving away from the entrepreneurial spirit that built the company," observed Louis Harvey, president of DALBAR, in an interview with The 401kWire. "It's going to become a far more traditional, bureaucratic organization."

Another industry insider agreed that change is in store.

"McColgan and Reynolds have totally different personalities," the source said, while insisting that they're both "very highly competent."

And a spokesperson for Fidelity stressed that the firm is becoming more efficient, not more bureaucratic, through the consolidation.

"We're a very entrepreneurial company. It's what has made us strong," spokesperson Anne Crowley told The MFWire. "We are streamlining ... We're realigning our distribution and operations under two people: Ellyn McColgan and Abigail Johnson."

In Harvey's eyes, though, the moves are "sad news for Reynolds," whom he credits with practically single-handedly building up "the whole Fidelity retirement business." And he anticipates that Reynolds will take much of Fidelity's old spirit with him.

"What Bob Reynolds had was a mandate to go out and capture the DC market, and he did that," opined Harvey. "I don't think you're going to see that happen anymore."

But another industry observer thinks that the Boston Behemoth will be more than fine under McColgan's leadership.

"She's very highly competent, by the book, phenomenally capable ... sharp as a tack and tough as a nail," the source insisted. "Fidelity will be in very good hands."

Harvey also thinks Fidelity might be a bit quieter in Washington from here on in, even behind the scenes.

"Fidelity has been muscling the Department of Labor a lot recently, challenging the PPA. They [Fidelity] have said, 'You can't do this and this because operationally it won't work," Harvey explained, praising the Boston fund giant's "strength" in fighting, on behalf of the industry, over issues like 401(k) advice and QDIAs. "A lot of that comes from Reynolds, I think. I wonder, will they be that aggressive now?"

What about Bob himself? Spokespeople for Fidelity aren't saying much, Reynolds himself is keeping mum, and Harvey doesn't have any inside scoop. But he's guessing that, while Reynolds may relax for a while, this might not be the last that the fund and retirement industries will see of him.

"Who knows? I think he's probably going to take it easy for a while, then maybe he'll reappear somewhere," Harvey mused. "There isn't a fund company out there that wouldn't welcome him with open arms."

Others aren't sure about Reynolds' plans either. One source, while admitting he has "no clue what he'd do," speculated that it may be time for Reynolds to focus on his passions.

"He has time to work on what wants to do," the source opined, "as opposed to what he has to do." 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

2.9
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. WE PNW - Mentorship Program Presents: Keys to Job Success, June 23
  2. WE SoCal - Tariffs, Taxes, & Tapas, June 24
  3. WE Chicago - Pre-Morningstar Conference Happy Hour, June 24
  4. MFDF Director Discussion Series - Open Forum via Zoom, June 24
  5. Morningstar Investment Conference 2025, Jun 25-26
  6. IDC Director Segment Meeting - Compliance Oversight Peer Group, June 25
  7. WE South - TopGolf Showdown Tennessee, June 26
  8. WE South - TopGolf Showdown Mississippi, June 26
  9. WE South - TopGolf Showdown Florida, June 26
  10. WE South - TopGolf Showdown Georgia, June 26
  11. IMEA webinar - Global Branding: the Appeal and the Challenges, June 26
  12. MFDF In Focus webinar - Strategic Preparation for Director Turnover, June 26
  13. MFDF Director Discussion Series - Open Forum, July 9
  14. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  15. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  16. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  17. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  18. MFDF webinar - ETF Conversions, July 17
  19. MFDF Director Discussion Series - Open Forum (New York), July 22
  20. MFDF Ask Anything webinar - AI Edition, July 24
  21. MFDF webinar - Use of Derivatives by RICs, July 29
  22. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  23. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  24. ICI ETF Conference, Sep 8-10
  25. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  26. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use