< b>Kathleen Murphy, head of ING's Global Wealth Management business and number forty on Fortune Magazines list of the 50 most powerful women in business, is taking over Personal Investing for Fidelity
Fidelity spokesman Vin Loporchio confirmed that Murphy will report to Personal & Workplace Investing president Abby Johnson
as president of Personal Investing when she joins on January 5. Loporchio described the position as new, following from a reorganization the Boston Behemoth conducted over the summer.
Word of Murphy's departure from ING was first confirmed Thursday afternoon by officials at the insurer.
A spokesperson for Fidelity did not immediately comment on Murphy's move.
At 45 years old, not only is Murphy one of the financial services industry's rising stars, she also played a key role in building ING's retirement business. Earlier this year, she pulled the trigger on the insurer's acquisition of CitiStreet from its two parents Citigroup and State Street. That deal effectively put ING into the same league as Fidelity at the top of the U.S. defined contribution business.
As head of Wealth Management she also rollover/payout, retail annuity and broker-dealer businesses. Her roots, though, are in retirement.
Before heading Wealth Management she was group president of ING Worksite and Institutional Financial Services starting in 2004. She came to ING through its 2000 acquisition of Aetna Financial Services.
At Aetna, which she joined in 1985, Murphy was general counsel and chief compliance officer at Aetna Financial Services. In that role, she was responsible for the legal, compliance, human resource, government affairs, internal and external communications and community relations for U.S. Financial Services.
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