The move follows news this week that Fidelity has merged its private wealth management arm into its global asset allocation and personal investing divisions, resulting in the departure of the former unit’s president, Dave Lamere. Lamere, who joined Fidelity in 2012 specifically to launch the private wealth management offering, has left to pursue other opportunities. The PWM division no longer exists as a standalone unit .

Morrison will now oversee Fidelity’s investment divisions that collectively manage $1.9 trillion in retail and institutional assets on behalf of individual investors, intermediaries, and institutions globally. He will report to Abigail Johnson, president of Fidelity Financial Services.

Morrison was most recently president of Fidelity's $750 billion fixed income division – a role he assumed in 2011. He joined the firm as a corporate bond analyst in 1987, and, over subsequent years, assumed roles with increasing responsibility including managing portfolios for Fidelity Management Trust Company.