Fidelity Investments said it has hired John F. McNamara, chief operating officer of United Asset Management Corp., to be chairman and president of its trust company.

Mr. McNamara, 56, succeeds Denis M. McCarthy as head of Fidelity Management Trust Co., which services $54.5 billion of assets for corporate and public employee retirement funds, endowments, foundations, and other institutions.

Mr. McCarthy, who had run Fidelity's trust company since 1995, retired in April, Boston-based Fidelity said.

Starting June 1, Mr. McNamara will report to Robert L. Reynolds, president of Fidelity Investments Institutional Retirement Group. Mr. McNamara spent six years at United Asset Management, Boston, which manages $213 billion through a stable of investment firms.

UAM plans to "redistribute" Mr. McNamara's responsibilities among other executives, a spokesman said. The company is headed by chairman and chief executive Norton H. Reamer and president Charles E. Haldeman.

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