Fidelity chairman Ned Johnson passes role to daughter Abigail

She is also CEO of US-based company

Ned Johnson, chairman of Fidelity, is passing on his role to his daughter Abigail Johnson, who is also chief executive of the US-based company.

According to the Financial Times, the news that Ned Johnson would be turning over his last remaining responsibilities after 39 years at the helm of the group was announced in a memo to staff yesterday. It comes after Abigail took over as chief executive of the group, which runs $2.1trn in its own investment products such as mutual funds, in 2014. She began her career as an equity research analyst at the company and worked her way up through a series of executive roles, including head of the asset management division and chair of its international operations. Fidelity's Waterhouse m...