Fidelity Investments has selected its top technology executive Steve Neff to lead its asset management division.

Neff will succeed Charlie Morrison, who had run the asset management division since 2014. Morrison has decided retire after more than three decades of service at Fidelity.

According to Reuters, Fidelity CEO Abigail Johnson in an internal memo to employees said: “It’s an opportune time for Steve to lead Asset Management, as technology is becoming increasingly important in our efforts to deliver outstanding investment performance and solutions for our customers.”

As the new asset management head, Neff will directly report to Johnson and will remain a member of the Fidelity Investments’ operating committee.

He will manage more than 500 investment professionals operating the company’s product portfolio.

Previously, Neff was the head of the Fidelity’s technology and global services, a position that he held since 2013.

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Throughout his 22-year long association with the company, he had held various responsibilities supporting their investment operations.

Last month, the company launched a crypto trading platform in a bid to bring cryptocurrencies to institutional investors.

The new company, called Fidelity Digital Assets, will provide enterprise-grade custody and trade execution services for cryptocurrencies.

As of 31 March 2018, Fidelity had $2.5 trillion in total assets under management, making it one of the largest asset managers globally.