The company veteran replaces Charlie Morrison, who now oversees asset management at the firm.
Fidelity today named Nancy D. Prior as president of the firm's fixed-income division. Prior replaces Charlie Morrison, who recently took over as Fidelity's head of asset management when Ron O'Hanley left the firm in February.
Prior has been at Fidelity for a little more than a decade and got her start with the firm as a member of its fixed-income legal team, before serving as a managing director of credit research in charge of a team focused on financial services and structured products. Most recently, she had headed up Fidelity's money markets group and spearheaded its efforts to influence money market reform. In 2013, she took over responsibility for the firm's short-duration bond portfolios, a group that expanded its lineup recently with the launch of several new products focused on the short-end of the yield curve.
In her new role, Prior will continue to work closely with Bob Brown, president of the bond group, and Christine Thompson, the bond group's chief investment officer. Both Brown and Thompson are longtime veterans of Fidelity's fixed-income team. Brown will reassume responsibility for the short-duration bond team, which reports to Thompson. Meanwhile, Prior will retain direct responsibility for the firm's money markets group.
Prior says that she doesn't plan any significant changes to the bond group, which is widely respected for its careful, research-intensive approach to fixed-income investing.