Fidelity Investments chairman Edward Johnson has handed the title of chief executive to his daughter.
In an internal memo to shareholders revealing various changes to the leadership of the company, Mr Johnson said: “I am also pleased that Abby Johnson has agreed to become chief executive officer of Fidelity, reflecting a further step forward in our leadership succession plan.
“Abby will retain her role of president and I will continue to serve as chairman of the board.”
He added: “Along with our senior team, we will work together to strengthen Fidelity’s industry leadership and to innovate in ways that enhance the experience we provide to our customers.”
The news came after a seven-page report by research firm WealthInsight argued that the adviser industry should work harder to cater for a rising number of female millionaires by recruiting more women.
The report, Innovation in Wealth Management Practice September 2014, said: “The rising number of female millionaires, along with their increasing wealth, has led to significant changes in the desired criteria when recruiting wealth advisers.
“Female millionaires feel more comfortable while discussing finances with other females, and consequently, organisations have increased their focus on hiring female advisers.”
Adviser view
Dominic Basilea, director of Hertfordshire-based Aqua Wealth Management, said: “More women being involved will certainly help the advice business not to be looked at as just a testosterone-driven world, but also as a friendly and cheerful place.
“That is what female advisers can usually bring to the table.”
