Fidelity signs Ohlsson to head local operations

Fidelity Investments has snared Barclays Global Investors (BGI) adviser services director Michael Ohlsson to manage its Australian business.

Ohlsson’s appointment as managing director — a role that has been vacant for the past two years — will see Fidelity general manager Jason Henchman move into the new role of director operations.

Henchman has steered the group’s Australian arm since 2002 following former managing director Michael Gordon relocating to Hong Kong to become Asia-Pacific chief investment officer of the broader group.

According to Ohlsson, who will report to Fidelity Asia-Pacific president Brett Goodin, the role had not been filled to date, as the position was left open because Gordon’s relocation was initially non-permanent.

Ohlsson, who resigned from BGI as a director last Thursday and was announced as Fidelity’s new head on Friday, commences in the role on July 19. In the first instance, Ohlsson will acquaint himself with how the Australian business fits into Fidelity’s global business model.

He had been at BGI for the past nine years, spending four years in his recently departed capacity as adviser services director, prior to which he spent five years as institutional business director.

Ohlsson says the group, which has a portfolio manager and three analysts in its local operations, may consider offering a collection of stand-alone Australian-domiciled funds at a later date.

Fidelity commenced operations in Australia in 1996 by providing investment management to Australia and New Zealand institutional investors, and now has more than $7 billion in wholesale funds under management.

Following this initial foray, the group formed an exclusive strategic alliance with Perpetual Investments in 1998 to offer retail investors its range of international funds through the Fidelity Perpetual brand, which now amounts to $2.25 billion in funds under management.