Fidelity’s Abigail Johnson Consolidates Control
By Christopher Condon – Aug 29, 2012 7:44 AM GMT+0800
Fidelity Investments named Abigail P. Johnson president, putting the daughter of Chairman Edward C. “Ned” Johnson III in charge of all the key businesses at the second-largest mutual-fund company in the U.S.
Johnson, 50, will oversee asset management, retail and institutional brokerage, retirement and benefits services, the Boston-based firm said today in a statement. While she will report to her father, who remains Fidelity’s chief executive officer, the appointment makes Abigail Johnson the highest- ranking woman in the fund industry.
Abigail Johnson is now the clear successor to 82-year-old Ned Johnson, even though he has not said when he might retire after running the company since 1977. At various times, Robert L. Reynolds, the former chief operating officer, and Ellyn McColgan, the former head of mutual-fund sales, had been considered possible leaders at the firm, which has been controlled by the Johnson family since it was founded by Ned Johnson’s father in 1946.
“It finally answers the question everyone’s been asking for years: Who gets to run this financial juggernaut?” John Bonnanzio, editor of Fidelity Insight, a independent newsletter based in Wellesley, Massachusetts, said in a telephone interview. “It’s going to be Abby Johnson at some point.”
2010 Split
The elder Johnson split control of the firm in May 2010, naming his daughter head of all client-focused businesses and hiring Ronald O’Hanley from Bank of New York Mellon Corp. as head of asset management. O’Hanley, who continues to oversee asset management, will report to Abigail Johnson, Fidelity said today.
Johnson, who started her career at Fidelity in 1988 as a mutual fund manager, has worked in almost every major division at the company. She was named head of the firm’s mutual-fund unit in 2001 and put in charge of Fidelity’s retirement business in 2005. In 2007, the company also gave her oversight of corporate-retirement services and fund sales to individuals.
“She’s spent a number of years at Fidelity in a variety of positions,” Reynolds, now president and chief executive officer of Boston-based Putnam Investments LLC, said in a telephone interview. “It was destined that she would get this job. It’s well deserved and about time.”
Employees control 51 percent of the voting shares in Fidelity, and the Johnson family owns the other 49 percent. Ned and Abigail Johnson each hold at least 10 percent, according to regulatory filings.
‘Actively Involved’
“Abby will oversee all these corporate groups and will be involved in day-to-day activities,” spokeswoman Anne Crowley said in a telephone interview. “Ned continues to be actively involved in running the company and doesn’t have any plans to step aside from those roles.”
Abigail Johnson’s responsibilities will cover every major Fidelity business except Devonshire Investors, Crowley said. Devonshire, named for the Boston street where the firm is headquartered, manages investments for FMR LLC, Fidelity’s corporate holding company, and its shareholders.
Johnson’s promotion comes as Fidelity has trailed money- management rivals such as Valley Forge, Pennsylvania-based Vanguard Group Inc., known for its index-based funds, and Pacific Investment Management Co. in Newport Beach, California, home of famed bond-picker Bill Gross.
Unseating Fidelity
Vanguard, which in 2010 unseated Fidelity as the largest mutual-fund firm, has gathered $80 billion in new client money in the year ended July 31, the most in the industry, followed by Pimco’s $31.6 billion, according to research firm Morningstar Inc. Investors withdrew $16.2 billion from Fidelity funds during the same period. Morningstar’s numbers include only long-term stock and bond assets and not money-market funds.
Fidelity’s mutual funds have attracted net deposits of $2.6 billion this year through July 31 compared with deposits of $65 billion into Vanguard funds, according to Morningstar. Over the past five years, Fidelity funds have had withdrawals of $45 billion, compared with deposits of $318 billion over the past five years in Vanguard funds, Morningstar said.
Unlike BlackRock Inc., the world’s largest asset manager, Fidelity hasn’t built a leading presence in alternative investments such as private equity, hedge funds commodities and real estate. The company’s institutional unit, Pyramis Global Advisors, has $3.5 billion in alternative assets, compared to BlackRock’s $110 billion.
Expecting Changes
“I’m expecting to see changes from Fidelity,” Bonnanzio said. “Maybe we’ll start to see Fidelity do more than talk about changes and get into markets it has utterly failed to participate in.”
Fidelity is currently planning its entry into exchange- traded funds, a product that has grown to about $1.7 trillion as of July 31, according to BlackRock, which became the world’s biggest provider of ETFs after acquiring the investment unit from Barclays Plc in 2009.
Fidelity aims to become the first major mutual-fund company to introduce ETFs run by active stock pickers by opening a series of products based on its “Select” line of industry- focused equity funds, a person familiar with the plans said last month. Spokesman Vincent Loporchio wouldn’t confirm the plans.
Outside money management, Fidelity is the largest provider of 401(k) retirement plans, offering defined contribution and defined benefit plans to more than 19,000 employers. That unit had $25.2 billion in sales in the first half, a 36 percent increase over last year, according to the firm.
Fidelity’s operating income rose 13 percent to $3.33 billion in 2011, and revenue rose by 3.3 percent to $12.8 billion. Investors pulled $36.3 billion from Fidelity funds and other products in the year, down from $49.4 billion in 2010.
Fidelity manages $1.6 trillion in assets and provides record-keeping and administering services on an additional $2 trillion.
To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net
To contact the editor responsible for this story: Christian Baumgaertel at
Buy wine in Pampanga, Philippines at good wine shops and boutique wine stores that offer good selection of good vintage wines at all price points. Wine lovers in Philippines can find good wines from major wine regions around the world in wine shops in Manila and Pampanga. Among the good selections of fine vintage wines from Italy, Spain, Portugal, Germany, Austria and other parts of Europe. Rare vintage wines from Vega Sicilia, Biondi Santi, Sassicaia as well as the Ice wine from Germany can be found in good wine shops around Manila. This makes it easy and convenient for wine lovers to buy wine in Manila. If you are thinking of buying wines to give as gift in the Philippines, then contact Yats Wine Cellars now because they offer special vintage wines suitable as gift at all price points. Since most of these wines are not available in Manila, these wine gifts are excellent choices for corporate gifts as well as wine gifts for personal and social purposes.
http://www.bloomberg.com/news/2012-08-28/fidelity-names-abigail-johnson-president.html
Clark Wine Center was built in 2003 by Hong Kong-based Yats International Leisure Philippines to become the largest wine shop in Philippines supplying Asia’s wine lovers with fine vintage wines at attractive prices. Today, this wine shop in Clark Philippines offers over 2000 selections of fine wines from all major wine regions in the world. As a leading wine supplier in Philippines, Pampanga’s Clark Wine Center offers an incomparable breadth of vintages, wines from back vintages spanning over 50 years. Clark Wine Center is located in Pampanga Clark Freeport Zone adjacent to Angeles City, just 25 minutes from Subic and 45 minutes from Manila.
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This is one of the frequently visited places for wine lovers from Manila and Angeles City to buy wines in Pampanga.
http://www.ClarkWineCenter.com
Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.
Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.
Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.
Yats Leisure Philippines
Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
Tel: 0922-870-5173 0917-826-8790 (ask for Ana Fe)
Wine@Yats-International.com
YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Road, Ortigas Centger,
Metro Manila, Philippines 1605
Tel: (632) 637-5019 0917-540-3626 ask for Rea or Chay
Log on to this web site for more information about Yats Wine Cellars as the leading wine importer and wine supplier in the Philippines:
ats Wine Cellars Leading Wine Supplier in Philippines
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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com
YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com
Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:
Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.
The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com
Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
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Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to
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TRAILER TWO
Tourists and residents of Manila travel out of town to the north on a short getaway look for the best place in Clark to buy some fine vintage wine to bring home after their holidays and vacations. Many find a top rated wine shop called Clark Wine Center to be an exciting place to do some shopping in Clark Pampanga. This famous wine shop is highly recommended for visitors going to Clark Pampanga to drink good wine, relax and unwind with friends and families. Clark Wine Center is also lauded by wine and food lovers from Manila and tourists from abroad as the best place to buy wine in Pampanga.
This frequently visited wine shop outside Manila is known by tourist and visitors to Pampanga, Angeles city, Subic and Clark Philippines as a cool place to hang out in Clark. Many attend the regular wine tasting held either outdoor on the roof deck or in indoor on the second floor above the wine shop. The place has good atmosphere for a private wine tasting party or a small night out gatherings for business or social event. Clark Wine Center is lauded by food and wine lovers in Manila, Subic and Pampanga as the best wine shop outside Manila as well as a good place to buy wine in Pampanga.
Tourists and visitors staying in Angeles City, Tarlac, Baguio, Subic and Pampanga sometimes wonder what are the things to do in Clark Philippines and Pampanga? Frequent visitors to Pampanga discover that it is fun to do a little wine shopping at the famous wine shop outside of Manila called Clark Wine Center. One of the favorite places to visit in Pampanga Clark Freeport is the white building along M A Roxas highway of Clark which houses over 2000 selections of fine vintage wines. The Clark Wine Center is one of the places to visit, a tourist spot and a good shopping place for those staying in Angeles City, Subic or Clark Pampanga.
Leading Philippines Wine Supplier Yats Wine Cellars, leading supplier of fine wines in Philippines with outlets in Angeles City, Subic Freeport and Manila Philippines has been not only a wine shop for fine wines covering all major wine regions but also a source of reliable and useful information about wine, wine appreciation, wine accessories, wine and health, food and wine pairing and all other matters relating to wine and its appreciation. This Philippines Clark Freeport based Wine Supplier and Wine Shop frequently holds public wine tasting events in Pampanga Clark Freeport Zone, Angeles City, Subic Bay area, Makati, Fort Bonifacio and other areas in Philippines capital city Manila. Private Wine events such as private wine tasting and private wine dinners are also designed and organized for private clientele for their wine loving guests.
Log on to this web site for more information about Yats Wine Cellars as the leading wine importer and wine supplier in the Philippines:
ats Wine Cellars Leading Wine Supplier in Philippines
Wine Catering is a unique product of Yats Wine Cellars, created back in 2005 in response to a growing demand for private wine parties in Manila, Cebu, Subic, Angeles Clark Philippines.
Chateau Lafite-Rothschild is the most revered wine in China and many other parts of Asia. The best wine shop in Asia to buy older vintages of Chateau Lafite is Yats Wine Cellars located in Clark Philippines. Aside from Lafite, visitors can buy other fine wines at this wine shop in Clark Pampanga such as Latour, Mouton-Rothschild, Haut-Brion and Margaux. Excellent Burgundy wines like Chambertin, Vougeot, Musigny, Bonnes Mares, Pommard, Meursault, Chambertin, Vosne Romanee, Romanee Conti, La Tache and Romanee St. Vivant can be found here.
Yats Wine Cellars can be reached at their Clark Wine Center Philippines wine shop located on the main highway M A Roxas of Pampanga Clark Freeport Zone or their sales office in Ortigas Centre, Metro Manila. Here is the contact information:
http://www.ClarkWineCenter.com
Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.
Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.
Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.
Clark Wine Center
Yats Leisure Philippines
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)
Wine@Yats-International.com
YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay
Log on to this web site for more information about Yats Wine Cellars as the leading wine importer and wine supplier in the Philippines:
ats Wine Cellars Leading Wine Supplier in Philippines
Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:
http://www.PhilippinesWeddingVenue.com
While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com
YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com
Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:
Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.
The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com
Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com
Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com
Buy wine in Pampanga, Philippines at good wine shops and boutique wine stores that offer good selection of good vintage wines at all price points. Wine lovers in Philippines can find good red wines in wine shops in Manila and Pampanga. Among the good selections of French red wines from Bordeaux are Chateau Gloria, Chateau Lafite, Chateau Margaux, Chateau Petrus, Chateau Lynch Bages, Chateau Latour, Chateau Mouton Rothschild, Chateau Cheval Blanc, Chateau Ausone, Chateau le Pin, Chateau Palmer, Chateau Pontet Canet, Chateau Carruades de Lafite, Chateau les Forts de Latour, Chateau Pichon Lalande. This makes it easy and convenient for wine lovers to buy wine in Manila. Manila wine and food lovers looking for things to do in Pampanga and Manila can consider attending one of these wine events. Leading Philippines wine supplier and wine importer Yats Wine Cellars frequently hold public wine tasting in Clark, Pampanga and Manila.
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