US-based Fidelity, which provides services including wealth management, is keeping it in the family.

Fidelity chairman Ned Johnson, who has run the Boston-based financial services group for the past 39 years, is handing over his last remaining responsibilities to his daughter, Abigail, the Financial Times reported, citing a memo to staff.

Ms Johnson, who became chief executive in 2014, will now also serve as chairman. She joined the group as an equity research analyst before working her way up through a number of executive roles including head of the asset management division and chair of its international operations.

Fidelity, which was founded by Mr Johnson father in 1949, oversees $2.1 trillion of assets in its own investment products such as mutual funds.

“While we have enjoyed much success, evolving customer preferences and new regulatory requirements are transforming the investment management industry,” Mr Johnson reportedly said in the memo.

“However, we are prepared to seize the opportunities in this changing competitive landscape … This expansion of responsibilities is a natural progression of Abby’s 28-year career at Fidelity, in which she has taken on increasingly more challenging and complex roles.”