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Leadership Change Ahead for Fidelity

There’s going to be a new leader for asset management at Fidelity Investments.

The Wall Street Journal reported (subscription required) Friday that Fidelity Investments said its asset-management chief, Charles Morrison, 57, will retire this December after 32 years with the firm.

Morrison, a former bond investor, had run the division for the past five years. His successor will be named “in the near term,” according to the report, citing a Fidelity spokesman.

During his tenure, assets under management at Fidelity’s investment arm rose 37%, according to the report, as the firm’s lineup of exchange-traded funds and other low-cost investments expanded. Citing Morningstar data, Ignites reports that ETF assets at Fidelity grew from about $840 million to $12.4 billion during that period, while open-end mutual funds grew from about $1.04 trillion to $1.59 trillion.

In August, Fidelity became the first manager to offer no-fee index funds.

Morrison joined Fidelity in 1987 as a corporate-bond analyst. He was appointed head of fixed income in 2011.