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Friday, January 22, 2021

Abby Says Goodbye to a Key Lieutenant After 12 Years

News summary by MFWire's editors

One of Abby Johnson's key lieutenants is preparing to say goodbye after a dozen years with the Boston Behemoth.

Kathleen Ann "Kathy" Murphy
Fidelity Investments
President, Personal Investing
Kathy Murphy, president of personal investing at Fidelity Investments [profile], will retire by the middle of 2021, the Wall Street Journal and Financial Planning report, citing a memo that Johnson sent to Fidelity employees. Murphy, age 57, is expected to stay on as an advisor to Fidelity's leadership team. In the meantime, word is that Johnson, Fidelity's CEO, will tap a successor for Murphy in the coming months.

"I will miss Kathy's leadership, passion, energy and relentless will to innovate and improve," Johnson reportedly wrote in the memo.

The personal investing division at Fidelity now includes more than 18,000 employees, 26 million accounts, and $3.6 trillion in assets for retail investors. Under Murphy, the division has launched mutual funds without expense ratios (touted as an industry first) and joined the shift to commission-free trading for ETFs, stocks, and more.

Murphy took over Fidelity's personal investing division when she joined the firm in 2009. Despite buzz about possible leadership roles at Fidelity, Murphy has stayed atop personal investing ever since, while frequently gaining media recognition for her power and influence.

Before joining Fidelity, Murphy spent 23 years at Aetna and ING, rising to CEO of the latter firm's wealth management business. She is an alumna of UConn's School of Law and of Fairfield University. 

Edited by: Neil Anderson, Managing Editor

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