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Rating:You Can't Talk to Abby. So Says Bloomberg Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 24, 2013

You Can't Talk to Abby. So Says Bloomberg

News summary by MFWire's editors

"You can 'talk to Chuck,' says the ubiquitous advertising for Charles Schwab. You can't talk to Abby."

So writes Bloomberg Markets in a long article appearing in the November issue of the magazine. Without speaking to Abby Johnson herself (she declined to be interviewed), the pub ponders what's next for Fidelity [profile] and its scion.

The in-depth article looks back to the starry Peter Lynch days at Fidelity and also to Abby's ascendancy over the past 25 years.

Several industry commentators weigh in, with Grail Partners' Don Putnam arguing that the Boston Behemoth "has long since lost its way" and Fidelity Investor newsletter editor James Lowell insisting that Fidelity needs "a more defined form of leadership." On the flip side, Morningstar's Don Phillips says that Fido needs a good steward, not a "hero CEO." And Fido asset management chief Ron O'Hanley defends his boss, noting that, whatever Abby does, Fido doesn't have to rush, unlike some of its publicly traded competitors.

"That's the beauty of being a private company," O'Hanley tells the magazine. "We don't have analysts gnawing at us saying, 'What's going on with your margins?' because we own the margins." 

Edited by: Neil Anderson, Managing Editor


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