Ned Johnson, chief executive of US manager Fidelity Investments' parent, the FMR Corporation, has said he will not necessarily pass control of the company to his eldest daughter, Abigail, who was widely believed to be the front runner for the post.

Johnson, 77, said although his family will continue to have a critical role leading Fidelity, it does not need to be "run day-to-day" by a family member, the New York Times reported.