Brian Hogan became president of the equity division of Fidelity Investments in Boston in late April, when his predecessor Walter Donovan resigned suddenly to become the chief investment officer of crosstown rival Putnam Investments.
The 15-year Fidelity veteran’s hasty promotion from senior vice president of equity research to the man in charge of $500 billion in equity assets — nearly half of the firm’s total assets under management — comes at a challenging time.
Last year, Fidelity’s assets dropped by 22 percent and its operating profit fell by 18 percent. In addition, the firm has laid off 4,700 people since November. Hogan, 44, intends to use the downturn to motivate his new team: “I want to create an environment where we challenge them and provide opportunities for them to learn and take prudent risks.”
