MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, October 28, 2005 Abby Notches Down Fidelity Stake News that Abigail Johnson has sold off some of her Fidelity shares to family trusts has people speculating whether a larger move is in store at Fidelity. The Wall Street Journal reports that Abby has reduced her stake of voting stock -- which has historically been at 24.5 percent -- by an unknown amount. The shares go to a family trust trusteed by Edward Johnson III. Previously, Fidelity disclosed each Johnson's stake in the company, but current filings only say that the Johnson family holds 49 percent of the firm. Fidelity told the Journal that the sale was related to estate planning, but industry observers wonder if Abby's recent reassignment and her reduced stake are signs that the younger Johnson's eventual takeover of the company is no longer the succession plan. Interestingly, the Journal implies that Abby's move from head of money management (a "high-profile post") to head of Fidelity Employer Services Co. as a result of poor performance on her part. From the perspective of the 401(k) industry, however, the move is hardly a demotion, in that Fidelity's administrative channel is key to the successful distribution of its money management products. Printed from: MFWire.com/story.asp?s=10741 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |