Fidelity Investments' Kathleen Murphy will retire later this year as president of the money manager's sprawling personal-investing business.
Ms. Murphy, 57 years old, plans to step down by midyear, Fidelity Chief Executive Abigail Johnson wrote in a memo to staff Thursday. The firm expects to name a successor in the coming months, people familiar with the matter said.
Fidelity's personal-investing business oversees $3.6 trillion in assets. The unit now has 18,000 employees.
Ms. Murphy led the division for more than a dozen years, spearheading the growth of Fidelity's financial-advisory arm and maintaining its leading role in a brokerage industry roiled by technology, consolidation and a relentless drive to lower costs.
Under her watch, Fidelity joined its peers in slashing commissions to zero and offering fractional-share trading, while also introducing Wall Street's first no-fee mutual funds.
"This past year, Kathy helped to steer Fidelity through a global pandemic while remaining steadfast in our commitment to our clients and associates," Ms. Johnson wrote in the memo. "For me personally, I will miss Kathy's leadership, passion, energy and relentless will to innovate and improve."