BOSTON, September 26, 2008 -- Fidelity Investments today announced that James E. Murphy, an accomplished leader in financial services and benefits administration, will be joining the firm as president of HR Services, the business unit providing HR, payroll and benefits services to companies.

Murphy joins Fidelity from JP Morgan, where he was chief executive officer of JP Morgan Retirement Plan Services, responsible for leading the firm's retirement platform strategy.

Previously, Murphy served as president of CitiStreet, where he ran the firm's Total Benefits Outsourcing (TBO) business, including client services, IT and product development. He also served as principal and chief operating officer of State Street Corporation's Retirement Division from 1991 to 1998 and was responsible for the firm's Defined Contribution and Defined Benefit businesses.

"In HR Services, we are building a business that will deliver the operational excellence and innovation that will allow us to maximize the opportunity presented by the HR Outsourcing market," said Larry C. Renfro, president of Fidelity Developing Businesses, to whom Murphy will report. "With 30 years of experience in positioning businesses for growth and success, including managing turnarounds, improving integration between business units, and driving efficiencies in organization design and operations, Jim has the experience and leadership skills needed for HR Services."

"Jim's deep background in financial services and understanding of the retirement businesses also will help us to accelerate our efforts to deliver a more integrated experience for HR Services clients," said Renfro. "This will enable these clients to benefit from the broad range of services available from Fidelity."

Fidelity's HR Services business provides a full portfolio of HR offerings from benefits and workforce administration to talent management. Through its continuing investments in innovation and service delivery, Fidelity brings process efficiencies to employers while also providing a more integrated HR experience for employees and retirees at every stage of their personal and professional lives.

About Fidelity HR Services Company

Fidelity Human Resources Services is a business unit of Fidelity Investments that provides comprehensive human resources outsourcing administration and services to large, mid-sized and small employers in the U.S. and elsewhere around the world. Serving employers and employees worldwide, HR Services provides a broad array of services, including human resources, payroll, talent management, recruitment, consulting, and comprehensive benefit management services.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of more than $3.2 trillion, including managed assets of $1.5 trillion as of August 31, 2008. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to 24 million individuals and institutions as well as through 5,500 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.