Deals & People March 3, 2009

Mirchandani To Lead National Financial

Fidelity Investments named Sanjiv Mirchandani as president of National Financial, a provider of clearing, custody, and brokerage solutions.
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Mirchandani, a 15-year Fidelity veteran, succeeds Norman Malo, who announced his retirement earlier this year, according to a release from Fidelity. Mirchandani will report to Charles G. Goldman, president of Institutional Platforms at Fidelity.

Prior to his new position, Mirchandani was president of Products and Marketing for Fidelity’s Personal and Workplace Investing business. In this role, he led product and marketing strategies in brokerage, online trading, advisory services, and personal retirement, Fidelity said. Before holding that position, Mirchandani was executive vice president of Brokerage and Asset Management Products within Fidelity’s personal investments business. He has also served as general manager for Fidelity’s retail retirement business, which includes contributory IRAs, rollover IRAs, self-employment plans, and pre-retiree services.

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Mirchandani joined Fidelity in 1994, after spending six years at the American Express Company and working for Citibank’s consumer bank division.

“National Financial’s clients will benefit from Sanjiv’s strong brokerage industry knowledge, commitment to service excellence, and deep understanding of the needs of retail investors, who ultimately are the customers that broker/dealers serve every day,’ Goldman said, in a statement.

Deals & People March 3, 2009

Former Callan Exec Fills Institutional Services Post at Prudential

Prudential Financial Inc. has named Clifford Axelson, a former senior vice president for Callan Associates, a managing director for its Strategic Solutions Group.
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The Strategic Solutions Group focuses on Prudential’s largest institutional clients and consultants. In part, the group helps institutions analyze pension and post-employment liabilities in the context of corporate risk management and delivers customized solutions to de-risk balance sheets, according to a press release. Prudential says that adding Axelson will allow the group to reach a broader range of key clients.

While at Callan, Axelson managed Callan Associates’ New Jersey office. Previously, he was a vice president at Dahab Associates, Inc., and also was a portfolio analyst in the capital markets group of Merrill Lynch, Pierce, Fenner & Smith Inc. He has a degree in economics from Allegheny College and holds the Chartered Financial Analyst designation. He is also a member of the New York Society of Security Analysts and the CFA Institute.

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In February, Callan Associates announced an agreement to be acquired by Mercer (see Mercer Acquires Callan in Investment Consulting Consolidation). The resulting approximately 1,270-employee organization will represent one of the largest players in the investment consulting niche. The firms said no layoffs were planned as part of the deal.

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