FYI: In an era of low-cost index funds, it’s tough to be best known for your stockpickers. Fidelity Investments, the 72-year-old family-controlled company, made a splash in August with the industry’s first zero-fee index funds. Abigail Johnson, who succeeded her father as chief executive officer in 2014, gave a rare interview to Bloomberg Markets and brought along Kathleen Murphy, who leads the personal investing unit responsible for the new funds. Fidelity earned a record $5.3 billion in operating income in 2017, but investors continue to pull money from its active equity funds. The company also grappled with sexual misconduct allegations last year. At their Boston headquarters, Johnson and Murphy, who turn 57 and 56 in December and January, respectively, discussed the challenges of their changing industry. “We need to find other ways to get people to give us a try,” Johnson says.
Regards,
Ted
https://www.bloomberg.com/news/features/2018-11-17/fidelity-s-abby-johnson-opens-up-about-crypto-and-index-funds?srnd=premium
