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Article: Maturing; Fidelity.(Change at Fidelity)(Abigail Johnson)
- Article from:
- The Economist (US)
- Article date:
- May 7, 2005
CopyrightCOPYRIGHT 2005 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Abigail Johnson's new job reflects a shift in American fund management
FIDELITY has long been the bellwether for America's asset-management industry. In the bull markets of the 1960s, 1980s and 1990s, its roaring equity funds made it a dominant force; in the slump of the 1970s, it became a leader in dull but safe money-market funds. Its appointment on May 2nd of Abigail Johnson as head of retirement services marks another change of course. The future of America's biggest fund-management firm looks less exciting than the recent past, but it may be better for investors and, given Fidelity's sheer scale, for America's pension system.
Ms Johnson, daughter ...